Sources

CRIF High Mark

Bridging the Gap: Unlocking Growth from New-to-Credit Borrowers

April 2026 publication; February 2026 data

Primary source for the consumer-bureau new-to-credit borrower series and the separate account-share series. The entrant counts and share series are located across Figures 1–2; borrower-share and account-share denominators remain distinct. The report also tracks products taken 6–12 months after NTC entry, supporting the product-progression channel without attributing the aggregate NTC-share movement to that channel.

SIDBI and TransUnion CIBIL

MSME Pulse

July 2026

Primary source for the 75% prior-retail-history finding, the NTC-R and NTC-NR cohort methodology, including the at-least-12-month retail-history screen used for NTC-R in the separate 2024 comparison, and evidence on individual/entity credit history.

TransUnion CIBIL

Unlocking Access: Journey of Credit Expansion in India

July 2026

Primary source for the retail and commercial credit funnels, the three separate new-to-credit series that appear in one report, and the microfinance and business-oriented product tables. Its retail “credit-eligible” population is defined as adults aged 18–60; that definition should not be silently combined with differently aged eligibility universes in other CIBIL publications.

SIDBI and Equifax

Microfinance Pulse, Vol. XXVII

March 2026 data

Primary source for the microfinance-to-retail overlap within a 20 lakh customer sample, and for the microfinance new-to-credit share series.

The SIDBI-hosted PDF carries May 2026 on its cover, while the Equifax market-insights listing labels Vol. XXVII as June 2026. The report's own executive summary identifies it as the 27th and March 2026 edition. The note therefore cites volume and data period rather than cover month.

TransUnion CIBIL

Credit Market Indicator, quarter ending December 2024

Primary release published 26 March 2025

Direct published evidence for the supply-selectivity and product-progression channels. It reports a 21% YoY decline in consumption-led NTC originations versus 2% for existing-to-credit borrowers, attributes the disproportionate NTC impact to cautious lender origination behaviour, and reports that one in three FY2022-23 NTC consumers took a second product within 12 months, with 44% of those second-product borrowers staying with the same lender. The same release defines its approximately 1,036 million credit-eligible population as ages 18–80, which is not directly comparable with the 18–60 eligibility universe in Unlocking Access.

Reserve Bank of India

Bridging the Credit Gap: The Evolution of India's Credit Reporting Infrastructure

M. Rajeshwar Rao, Deputy Governor, 1 July 2025

Regulatory source for the separate credit-information formats covering individual, corporate and microfinance borrowers, and for the call towards a secure, verifiable and system-consistent unique borrower identifier.