Ahead of Women’s Day, NITI Aayog's report shows 2.7 crore women monitoring credit, 42% rise from last year

Ahead of International Women’s Day, a joint report by TransUnion CIBIL, NITI Aayog’s Women Entrepreneurship Platform (WEP), and MicroSave Consulting (MSC) highlights the growing financial awareness among Indian women. More women are actively accessing credit, opting for gold loans, and monitoring their credit scores.  

According to the report, as of December 2024, 27 million (2.7 crore) women were monitoring their credit, reflecting a 42 per cent increase from the previous year. Women’s share in the total self-monitoring base rose to 19.43 per cent, up from 17.89 per cent in 2023.  

Women from non-metro regions are driving this trend, with a 48 per cent increase in credit self-monitoring compared to 30 per cent in metro areas. The southern states lead in participation, with Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh, and Telangana accounting for 49 per cent of all self-monitoring women.  

Women’s role in business and gold loans grows

The report reveals that women’s share in business loan origination has increased by 14 per cent since 2019, while their share in gold loans has risen by 6 per cent. By December 2024, women accounted for 35 per cent of business borrowers.  

While women’s credit awareness is on the rise, barriers such as credit aversion, poor banking experiences, and challenges related to collateral and guarantors persist. The report highlights the need for gender-smart financial products to address these issues and enhance women’s access to credit.

Centre's push for financial inclusion

B V R Subrahmanyam, CEO of NITI Aayog, emphasised the need for inclusive financial solutions. “Access to finance is a fundamental enabler for women’s entrepreneurship. The Women Entrepreneurship Platform (WEP) is working to create a supportive ecosystem for financial literacy, access to credit, mentorship, and market linkages,” he said.  

To further this goal, NITI Aayog has constituted the Financing Women Collaborative (FWC) under WEP, urging financial institutions to develop tailored financial products that address women’s unique needs.  

Anna Roy, Principal Economic Advisor at NITI Aayog and Mission Director of WEP, stressed the impact of women’s entrepreneurship on economic growth. “Encouraging women entrepreneurs can create employment opportunities for 150 to 170 million people and drive greater participation of women in the workforce,” she noted.  

With rising financial awareness and improved credit scores, financial institutions have a significant opportunity to design more inclusive financial solutions that cater to women borrowers. Addressing structural barriers and improving access to formal credit will be crucial in ensuring that more women can participate in India’s economic growth story.