Women in India are looking for more and more credit, monitoring credit scores: Report

New Delhi (India), March 3 (years): Women in India are looking for the credit more and actively monitors credit scores, a report launched by Niti Aayog.

CEO Niti Aayog, BVR Subrahmanyam, has launched today the report “from debtors to builders: the role of women in the story of financial growth of India”.

In December 2024, 27 million women monitor their credit, an increase of 42 percent compared to the previous year, signaling the increase of financial awareness.

Transunion Cibil, The Women Entrepreneurship Platform (WEP) in Niti Aayog and MicroSave Consulting (MSC) have published the report. The report shows that the share of women from the total self-monitoring base increased to 19.43 percent in December 2024, increasing from 17.89 percent in 2023.

Several women in non-metro regions actively self-monitor their credit than those in the subway areas, with a 48 percent increase in non-metrou regions and 30 percent in the subway areas.

In 2024, Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh and Telangana represented 49 percent of all self-monitoring women, the southern region leading 10.2 million.

Northern and central states, including Rajasthan, Uttar Pradesh and Madhya Pradesh, have registered the highest annual annual growth rates (CAGR) at the debtors of active women over the past five years.

Since 2019, the share of women in the origin of business loans has increased by 14 percent, and their share in gold loans has increased by 6 %. Until December 2024, women will represent 35 % of business debtors.

However, challenges such as credit aversion, weak banking experiences, barriers to credit preparation and problems with guarantees and guarantees.

During the launch of the report, BVR Subrahmanyam, CEO of Niti Aayog, highlighted the critical role of access to finance in the ability of entrepreneurs.

He said: “The Government recognizes that access to Finance is a fundamental facilitator for women’s entrepreneurship. Women entrepreneurship (WEP) continues to work for the construction of an inclusive ecosystem that favors financial literacy, access to credit, mentoring and market links.”

However, ensuring fair financial access requires a collective effort.

“The role of financial institutions in designing inclusive products adapted to the needs of women, together with the political initiatives that address the structural barriers, will be essential in accelerating this impulse. To achieve this objective within the WEP, the financing of collaborative women (FWC) has been constituted. Parts of the financial sector to join the FWC and contribute to this mission, “added several parts of the financial sector to join the FWC and contribute to this mission,” several parts of the financial sector added.

Anna Roy, the main economic counselor, Niti Aayog and the director of the WEP mission, said that encouraging entrepreneurship is a way to ensure employment opportunities for women entering India.

Anna Roy added that she also serves as a viable strategy to accelerate equitable economic growth.

“The promotion of female entrepreneurship could create employment opportunities for 150 to 170 million people, while led to greater participation from women in the workforce,” said Anna Roy.

With the increase in the degree of conscious credit and improved scores, financial institutions have the opportunity to offer intelligent gender products, adapted to the unique needs of women. (Years)