In a significant advancement for financial inclusion, 118 million women in India have accessed formal credit for the first time in a decade, opening new pathways for economic opportunity.
In India, 118 million women have joined the formal credit system over the past ten years, marking a major step toward financial inclusion and providing them with economic avenues that were previously inaccessible. This finding is part of a report released by TransUnion CIBIL on Thursday during a conference in Mumbai.
The study revealed that over the past two decades, 714 million individuals nationwide have gained access to formal credit, significantly transforming household economies and expanding financial participation across the country.
Furthermore, retail credit delinquencies—defined as accounts that are 90 days or more overdue—have improved by 130 basis points in the last decade. This improvement reflects healthier credit behavior and more prudent lending practices across India.
As credit availability extends to new regions and previously underserved populations, the emphasis is shifting to broadening financial access through data-driven insights, increased transparency, and informed risk management.
“Credit reporting systems today are a key pillar of the national financial architecture,” noted M. Rajeshwar Rao, Deputy Governor of the Reserve Bank of India (RBI). He explained how these systems promote broader credit access, enhance financial inclusion, assist regulatory oversight, and improve financial stability.
Rao stressed the importance of financially literate consumers in maintaining a robust credit environment. “Regulations may demand transparency, but fostering financial literacy is a collective responsibility that requires continuous effort by all involved institutions,” he told attendees.
The establishment of credit information companies (CICs) marked a significant milestone in India’s efforts to democratize credit access. “Even today, CICs play a critical role in realizing the vision of full financial inclusion,” Rao added.
Bhavesh Jain, Managing Director and CEO of TransUnion CIBIL, pointed out the growing inclusiveness and transparency within India’s credit ecosystem. He remarked, “Reliable data empowers lenders to make informed decisions, which in turn helps borrowers enhance their financial profiles. Our mission is to responsibly and sustainably guide all stakeholders through this transformation.”
Echoing the sentiment, Amitabh Chaudhry, MD and CEO of Axis Bank, emphasized the importance of financial education. “We must invest in financial literacy to help borrowers understand credit health and long-term financial planning,” he said.
According to India New England News, this advancement represents a transformative shift in making financial services more accessible to women, fostering a more inclusive and equitable economic landscape.