Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Hyperface and Tutelar tie- up for fraud and risk management services

    May 6, 2024

    PhonePe ties up with Star Health Insurance offers monthly payments plan

    April 17, 2024

    Ramit Goyal appointed as Chief Distribution Officer at Future Generali India Insurance

    April 17, 2024
    Facebook Twitter Instagram
    BFSINXT
    Twitter YouTube LinkedIn
    • Banking
      • SME /Wholesale Banking
      • Retail
      • HR
        • Wholesale
      • Rural & Agri
    • NBFC
      • Customer Experience
      • Retail
      • Digital
    • Insurance
      • Life
      • General
      • InsurTech
    • Fintech
      • Payments
      • Lending
      • Wealth/PF
      • Neo-Banking
    • Policy
      • RBI
      • IRDAI
      • SEBI
      • Government
    • Financial Services
      • Securities
      • AMC
    • About us
      • Editorial Team
      • Our Advisory Panel
      • Get In Touch
    BFSINXT
    Home » More than 160 Million Indians are Credit Underserved: TransUnion CIBIL
    NBFC

    More than 160 Million Indians are Credit Underserved: TransUnion CIBIL

     “India’s retail credit market is undergoing rapid evolution supported by the speed and scale of digital transformation. This transformation coupled with India’s demographic dividend has triggered unprecedented opportunities for driving growth and financial inclusion in the market,” said Rajesh Kumar, MD & CEO of TransUnion CIBIL.
    April 25, 20223 Mins ReadBy editor
    Twitter LinkedIn WhatsApp

    Over more than 160 million consumers in India are considered to be underserved with credit at the end of 2021, as per a study conducted by TransUnion CIBIL. The study on “Empowering Credit Inclusion: A Deeper Perspective On Credit Underserved and Unserved Consumers” find that around 5 percent of consumers who started as credit underserved were found to have migrated to becoming more credit active in a two-year window.

    Further, the study notes that around a fourth of India’s adult population is under 30 years of age, and this group of consumers is most likely to seek their first ever loan or credit card from banks and credit institutions. as their financial needs evolved. 

     “India’s retail credit market is undergoing rapid evolution supported by the speed and scale of digital transformation. This transformation coupled with India’s demographic dividend has triggered unprecedented opportunities for driving growth and financial inclusion in the market,” said Rajesh Kumar, MD & CEO of TransUnion CIBIL.

    “Our study aims to uncover the significant potential that exists for driving speedier and sustainable financial inclusion across India. It helps the market participants better understand as to how many people are truly underserved from a credit perspective, while also determining paths for them to gain more credit opportunities,” Kumar added.

    The study notes the characteristics and behaviours of credit underserved consumers and their overall sentiments towards credit, while offering key insights into the credit journeys of these consumers. The study said, “The underserved consumers are those who have minimal credit participation, limited to a single type of credit product and no more than two open accounts of that type, and have been active in the credit market for at least two years.”

    It specifically excludes newly acquired consumers who have opened their first product within the past tow years – from the underserved population, as many of those newly acquired consumers become more fully credit active soon after having their first product opened.

    The study observed two cohorts of consumers over a two-year time period, the first during the pre-pandemic period beginning March 2018 through March 2020 and the second beginning in June 2019 and studied through the pandemic time period of June 2021, to determine if there were any pandemic related shifts with consumer credit migration trends.

    For Indian consumers, TransUnion’s globaly study looked at similar dynamics of unserved and underserved consumers in multiple markets, including Canada, Columbia, Hong Kong, South Africa and the United States to get a better sense of the global market size, needs and behaviours of the underserved consumer segment.

     

    CIBIL Credit
    Previous ArticleBLOG: Climate Change: Opportunities & Challenges for Banks
    Next Article IIFL Finance, Open Financial’s JV to launch India’s first neobank for MSMEs
    editor

    Related Posts

    Aditya Birla Housing Finance launches ‘ABHFL- Finverse’ for better loan experience

    March 30, 2024

    Shriram Finance raises USD 750mn through Social Bond from International Bond Markets

    January 23, 2024

    Karnataka Bank and Clix Capital enter into a Co-Lending Partnership

    January 17, 2024

    UGRO Capital raises USD 30 Million through NCDs from FMO

    January 2, 2024

    Leave A Reply Cancel Reply

    Recent Posts

    • Hyperface and Tutelar tie- up for fraud and risk management services
    • PhonePe ties up with Star Health Insurance offers monthly payments plan
    • Ramit Goyal appointed as Chief Distribution Officer at Future Generali India Insurance
    • Cashfree Payments launches ‘RiskShield’ to combat cyber payment frauds
    • Mastercard ties-up with Alipay for cross-border solutions

    Recent Comments

    No comments to show.
    Demo
    NBFC's

    Aditya Birla Housing Finance launches ‘ABHFL- Finverse’ for better loan experience

    March 30, 2024

    Shriram Finance raises USD 750mn through Social Bond from International Bond Markets

    January 23, 2024

    Karnataka Bank and Clix Capital enter into a Co-Lending Partnership

    January 17, 2024

    UGRO Capital raises USD 30 Million through NCDs from FMO

    January 2, 2024
    New Policy
    Policy

    Reserve Bank of India opens Sub-office in Itanagar, Arunachal Pradesh

    October 23, 20230By Bfsinxt Desk

    On October 20, 2023, Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India (RBI), inaugurated…

    GSTN gets included as a Financial Information Provider under Account Aggregator Framework

    November 23, 2022

    RBI to run Nation-wide Finanical Services Awareness Programme in November 2022

    November 3, 2022

    RBI to soon operationalise CBDC Wholesale (e₹-W) Pilot

    November 1, 2022
    • Twitter
    • YouTube

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    BFSINXT
    Twitter YouTube LinkedIn
    © 2025 bfsinxt.com.

    Type above and press Enter to search. Press Esc to cancel.