Half of the country’s working population of 400 million people is credit active, having at least one loan or credit card, a report by a credit information company (CIC) said on Tuesday.
Credit institutions are fast approaching a saturation level in new customers as over half of the borrowers are from the existing customer base of a bank, the report by Transunion CIBIL said.
India’s overall working population was estimated to be at 400.7 million as of January 2021, while the retail credit market has 200 million unique individuals who are credit active, it said.
It can be noted that for long, there have been concerns about borrowers ending up in the traps of usurious money lenders who are not regulated and efforts have been mounted to deepen the access to finance.