New Delhi, Sept. 4 -- India has expanded credit availability at a rapid pace in the past decade. Digital lending platforms, and priority sector initiatives have all contributed to this growth. The widespread digitisation of services, combined with the increasing penetration of smart phones and the availability of easy-to-use and intuitive applications, has created an ecosystem where quick credit options are within reach for millions of people.

This transformation has driven credit growth in India, with merchants becoming more receptive to accepting credit for goods and services and consumers across both urban and rural geographies showing rising demand for consumption goods.

This surge in credit activity has undoubtedly acted as an engi...