The Economic Times

First-time borrowers deepen credit reach: Credit uptake among eligible Indians more than doubled to 74% in March from 35% in 2017

Consumer durable loans are leading new-to-credit customers into institutional borrowing. Gold loans and microfinance also significantly contribute to this growing credit access. Institutional credit penetration is expanding beyond major cities into smaller locations. India's retail credit portfolio has seen substantial year-on-year expansion. This trend indicates increasing financial inclusion for many Indian citizens.