More than 160 million consumers were considered to be underserved in India at the end of 2021, according to a new global TransUnion study – “Empowering Credit Inclusion: A Deeper Perspective on Credit Underserved and Unserved Consumers.”

The study found that about 5% of consumers who started as credit underserved were found to have migrated to becoming more credit active in a two-year window.

 The study findings are being shared as part of TransUnion CIBIL’s ongoing commitment to improving financial inclusion and awareness across India so more consumers are able to participate in the formal credit economy. With about a fourth of India’s adult population under 30 years of age, the new research is very timely. 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 evolve.

 “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.”

Source: TransUnion CIBIL