FinanceET Techabout 3 hours ago
NBFCs Drive First-Time Borrowers into Formal Credit System
4 min read
Non-banking finance companies (NBFCs) now originate half of India's new-to-credit borrowers, a significant rise from 24% a decade ago. This shift is driven by consumer-durable loans, like mobile phone financing, bringing first-time borrowers into the formal financial system.
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