India, Jan. 31 -- India has traditionally been a less-credit market. True, there had been a frenzy during the Covid years and even post-Covid times, leading to credit card adoption and spending. But banks are now curbing new issuances due to rising delinquencies. September 2024 saw a 30% MoM decline per the RBI data, and the central bank continues to clang the cautionary bell against unsecured credit. In fact, credit growth is seeing a slowdown amid projections of lower economic growth (6.5-6.8%) in FY25. This could be a cause of concern as healthy credit growth tends to spur the economy.

If the credit industry landscape is not too satisfactory even when India is reportedly half a decade away from turning into a $5 Tn economy, imagine th...