In India, about 48 crore adults up to the age of 65, which is equal to half of the earning group population, do not get credit facilities. This has been claimed in the report of credit information company TransUnion CIBIL.
In a global study by TransUnion CIBIL, it has been found that only 179 million adult Indians have access to adequate credit facilities, while 164 million people are deprived of adequate credit facilities.
According to the study report, focused efforts are being made at the policy level to deepen the credit culture in the country so that the borrowers can be saved from the clutches of moneylenders. Accounts in Jan Dhan Yojana with about 45 crore bank accounts come with credit overdraft facility. The report said that unlike India, only three percent of adults in the US are denied access to credit, compared to seven percent in Canada, 44 percent in Colombia and 51 percent in South Africa.
Rajesh Kumar, Managing Director and Chief Executive Officer (CEO) of CIBIL, said that although India has made great strides in recent years towards increasing the level of credit inclusion across the country, the current reality is that this credit figure is not reflected in the debt ecosystem. This shows the importance of integrating
Credit score a big hurdle for customers
Describing the situation of uncredited customers as ‘egg first or chicken’, the report said that lack of credit score and credit history is a major hurdle for a customer to get credit as many lenders offer loans to such consumers. hesitant to give.