Women borrowers hold Rs 76 lakh crore credit portfolio: Report
A report titled "From Borrowers to Builders: Women and India's Evolving Credit Market," released under the aegis of NITI Aayog's Women Entrepreneurship Platform (WEP), found that women borrowers in India now hold a credit portfolio of Rs 76 lakh crore — accounting for 26% of total system credit
Between December 2017 and December 2025, the number of credit-active women borrowers grew at a CAGR of 9%, while credit penetration among women increased from 19% to 36%
Women's total credit exposure expanded 4.8 times since 2017 (from Rs 16 lakh crore)
Commercial credit to women business borrowers registered a CAGR of 31% between 2022 and 2025 — nearly twice the 17% CAGR for overall commercial credit
The report was prepared by TransUnion CIBIL and MicroSave Consulting (MSC), based on longitudinal credit bureau data of approximately 16 crore credit-active women
Financial Inclusion in India — Framework and Progress
Financial inclusion refers to ensuring that all segments of society, especially marginalized groups, have access to affordable and appropriate financial services — savings accounts, credit, insurance, and pension. India has pursued financial inclusion as a policy priority through multiple government programs, with women being a key focus group.
Key Details
- Pradhan Mantri Jan Dhan Yojana (PMJDY): Launched August 28, 2014; world's largest financial inclusion initiative; over 56 crore accounts opened; 56% of Jan Dhan accounts belong to women
- PMJDY beneficiaries get: Zero-balance savings account, RuPay debit card, Rs 2 lakh accident insurance, Rs 30,000 life cover, overdraft up to Rs 10,000 for eligible accounts
- Jan Dhan-Aadhaar-Mobile (JAM) Trinity: The infrastructure underpinning India's financial inclusion and Direct Benefit Transfer (DBT) ecosystem
- Self-Help Groups (SHGs): ~10 million SHGs in India (most women-led); bank-linked SHGs facilitate group credit at lower interest rates; National Rural Livelihoods Mission (NRLM/DAY-NRLM) supports SHG-bank linkage
- Mudra Yojana (PMMY): Launched 2015; provides collateral-free loans up to Rs 20 lakh to non-corporate, non-farm small/micro enterprises; ~68% of Mudra loans go to women borrowers
- Priority Sector Lending (PSL): RBI mandates banks to lend 40% of Adjusted Net Bank Credit (ANBC) to priority sectors including agriculture, MSMEs, education, housing, social infrastructure; women's lending falls partly under PSL categories
The dramatic expansion of women's credit portfolio — from Rs 16 lakh crore (2017) to Rs 76 lakh crore (2025) — is a direct outcome of the JAM Trinity, SHG-bank linkage programs, and Mudra Yojana creating the enabling infrastructure for women's formal credit access.
Women Entrepreneurship Platform (WEP) — NITI Aayog Initiative
WEP is a unified national platform launched by NITI Aayog in 2018 to foster women entrepreneurship in India. It serves as a public-private partnership platform connecting aspiring and established women entrepreneurs with financial, market, and skill support.
Key Details
- WEP launched: 2018 by NITI Aayog; serves as a "one-stop shop" for women entrepreneurs
- Partners: Government ministries, banks, corporations, and civil society organisations
- Key focus areas: Access to capital (credit), market access, incubation/mentorship, technology adoption
- 2023 enhancement: WEP 2.0 expanded with more financial services partners and a dedicated marketplace for women-led enterprises
- Related schemes: Stand-Up India (2016) — mandates each bank branch to give at least one loan of Rs 10 lakh to Rs 1 crore each to an SC/ST borrower and a woman borrower for greenfield enterprise
- Prime Minister's Employment Generation Programme (PMEGP): Provides credit-linked subsidy for setting up micro-enterprises; women get 25% subsidy (vs 15% for general category in urban areas)
The report emerging from WEP's ecosystem reflects NITI Aayog's monitoring of women's economic participation. The finding that 19% of active microfinance borrowers have now graduated to retail and commercial loans validates the "graduation pathway" that PMJDY, Mudra, and SHG programs were designed to create.
Credit Bureau System and Formal Credit Access
The growth in women's credit is possible only because women are increasingly part of the formal credit system — traceable through credit bureaus. India's credit bureau ecosystem is regulated by the RBI under the Credit Information Companies (Regulation) Act, 2005 (CICRA).
Key Details
- Credit bureaus in India: TransUnion CIBIL (the oldest, established 2000), Experian, Equifax, CRIF High Mark — all licensed under CICRA 2005
- CIBIL score: Ranges from 300 to 900; score above 750 generally required for easy credit access; scores reflect repayment history, credit utilisation, credit mix, and age of accounts
- The report is based on data of approximately 16 crore (160 million) credit-active women — one of the largest datasets on women's credit in emerging markets
- Microfinance to formal credit graduation: The report found 19% of active MFI borrowers now hold individual retail/commercial loans — a key indicator of financial deepening
- Commercial credit to women: CAGR of 31% between 2022–2025 vs 17% for overall commercial credit — women are growing faster than the market average
- CAGR of 9% for women credit-active borrowers (Dec 2017–Dec 2025): Credit penetration rose from 19% to 36% — doubling of penetration in 8 years
The TransUnion CIBIL-based research quantifies, for the first time at scale, the transformation of Indian women from microfinance beneficiaries to formal commercial credit users — a fundamental shift in India's financial inclusion story with significant implications for gender equity and economic growth.
- Women's credit portfolio: Rs 76 lakh crore (December 2025)
- Share of total system credit: 26%
- Growth since 2017: 4.8 times (from Rs 16 lakh crore)
- Credit-active women borrowers CAGR (Dec 2017–Dec 2025): 9%
- Credit penetration among women: Increased from 19% (2017) to 36% (2025)
- Commercial credit to women business borrowers CAGR (2022–2025): 31% (vs 17% for all commercial credit)
- Report title: "From Borrowers to Builders: Women and India's Evolving Credit Market"
- Prepared by: TransUnion CIBIL + MicroSave Consulting (MSC), under NITI Aayog's WEP
- Data basis: Longitudinal credit bureau data of ~16 crore (160 million) credit-active women; primary research with 161 rural women nano-entrepreneurs
- Active MFI borrowers graduating to retail/commercial loans: 19%
- PMJDY: Launched August 28, 2014; 56 crore accounts; 56% women account holders
- Mudra Yojana (PMMY): ~68% of loans disbursed to women borrowers
- Stand-Up India (2016): Mandates one loan to woman borrower per bank branch for greenfield enterprise (Rs 10 lakh–Rs 1 crore)
- WEP launched: 2018 by NITI Aayog