You are here: Home » Economy & Policy » News
Business Standard

Credit active consumers rise 7% during Feb-Oct this year: Report

According to the report, credit inquiries also jumped 54 per cent during the said period

Topics
credit market | Retail credit market

Press Trust of India  |  Mumbai 

credit card, debit, payments, online, digital, transactions, privacy, card details
The largest credit bureau Transunion Cibil on Thursday said the credit market is back on a growth trajectory

As economic activity remained more or less unaffected through the COVID-19 second wave and lenders became tech-savvy, outstanding balances and credit active consumers grew 8 and 7 per cent, respectively, between February and October this year, as per a report.

Credit inquiries also jumped 54 per cent during the said period, the report added.

The largest credit bureau Transunion Cibil on Thursday said the is back on a growth trajectory, with the resurgence in credit demand and supply.

Citing data from its maiden indicator (CMI) launched today, the agency said the latest indicator reads 87 in August, up from 78 in February 2021.

The CMI provides reliable and contemporary health of retail lending, highlighting the state of the retail credit.

While public sector banks have led the credit resurgence, private sector banks and non-banking lenders are also witnessing strong demand recovery now, the report said.

As a result, the outstanding balances and credit active consumers grew year-on-year by 8 per cent and 7 per cent, respectively, while credit inquiry volumes jumped by 54 per cent, during February- October 2021, and the same touched a record high in the first week of November 2021 backed by festive demand, it added.

Credit inquiry volumes had increased by 20 per cent between February and August 2021, against a decline of 31 per cent during the same months in 2020.

These insights are a testament to the speed at which lenders, led by public sector ones, have adapted to the shift in new credit originations via digital channels, said Rajesh Kumar, managing director and chief executive at Transunion Cibil.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, November 11 2021. 19:36 IST
RECOMMENDED FOR YOU
.