Bank credit
How households took over the bank loan book
In 2015, private companies owed 40% of everything Indian banks had lent. Watch how individuals passed companies to become the dominant borrower category.
Private companies owed ₹40.0 of every ₹100 banks had lent, and individuals ₹30.8.
Each is one group of borrowers, as tall as its share. The five always add up to ₹100.
Where each stack stood in March 2015
Scroll to move through time
IN REAL TERMS
Bank loans to companies doubled on paper, only rose a quarter in real terms
Bank lending to private companies grew by about a quarter between March 2015 and March 2026, once rising prices are taken into account.
In the rupees of each year, the amount banks had lent to companies roughly doubled, from ₹26.8 lakh crore to ₹55.3 lakh crore. But prices rose 65% over the same eleven years, with the consumer price index going from 120.2 to 198.5. A rupee in March 2026 bought about three-fifths of what it did in March 2015.
At March 2026 prices, the ₹26.8 lakh crore outstanding in 2015 would be about ₹44.3 lakh crore. Compared with that, the ₹55.3 lakh crore outstanding in 2026 is an increase of about 25%.
Lending to individuals grew much faster. After adjusting for prices, it nearly tripled, from ₹34.1 lakh crore to ₹97.3 lakh crore at March 2026 prices. In the rupees of each year it rose 4.7 times, from ₹20.6 lakh crore.
The returns do not say why lending to private companies grew more slowly than lending to individuals, and they cover banks only, not other lenders. The government’s Economic Survey of 2016-17 put it down to banks weighed down by bad loans to large companies, and to the better-rated companies turning to bonds and commercial paper.
Table view
| Mar 2015, then | Mar 2026 | Mar 2015 in Mar 2026 rupees | |
|---|---|---|---|
| Private companies | 26.80 | 55.29 | 44.26 |
| Individuals | 20.64 | 97.28 | 34.09 |
From the quarterly Basic Statistical Return, Table 3.2, scheduled commercial banks without the regional rural banks. 2015 amounts are raised by the consumer price index, 198.5 in March 2026 against 120.2 in March 2015. The table view gives the amounts in rupees of the day.
MORE LOANS
Individuals’ loan accounts tripled from 2015 to 2026
Individuals held 11.6 crore loan accounts at banks in March 2015 and 34.6 crore in March 2026. The money lent to them grew 4.7 times.
The average loan to an individual went from ₹1.78 lakh to ₹2.81 lakh. In March 2026 rupees it is about 5% smaller than in 2015. After prices, the growth is in the number of loans.
Part of the growth is a change of lender, not new borrowing. On 1 July 2023 HDFC, a housing finance company, merged into HDFC Bank, and its loans joined the banks’ returns. In that quarter individuals’ share of bank credit went from ₹44.7 to ₹46.4 of every ₹100, and home loans grew 25%. The Reserve Bank put bank credit growth in the year to September 2023 at 15.7% without the merger and 19.8% with it (RBI, 2023).
The table counts loan accounts, and one person can hold several. A TransUnion CIBIL report of July 2026 counts 10.7 crore active credit cards held by 5.2 crore people in March 2026. The same bureau, which counts people across every kind of lender, put credit-active consumers at 28% of the credit-eligible population in March 2026, against 11% in March 2017 (TransUnion CIBIL, July 2026).
Table view
| Quarter | Accounts | Money | Money after prices |
|---|---|---|---|
| Mar 2015 | 100 | 100 | 100 |
| Jun 2015 | 101 | 101 | 99 |
| Sep 2015 | 103 | 105 | 101 |
| Dec 2015 | 111 | 109 | 104 |
| Mar 2016 | 113 | 115 | 110 |
| Jun 2016 | 112 | 119 | 110 |
| Sep 2016 | 116 | 122 | 112 |
| Dec 2016 | 117 | 123 | 113 |
| Mar 2017 | 119 | 130 | 119 |
| Jun 2017 | 121 | 134 | 122 |
| Sep 2017 | 125 | 140 | 124 |
| Dec 2017 | 131 | 145 | 127 |
| Mar 2018 | 135 | 151 | 133 |
| Jun 2018 | 138 | 153 | 133 |
| Sep 2018 | 143 | 159 | 136 |
| Dec 2018 | 151 | 167 | 143 |
| Mar 2019 | 159 | 174 | 149 |
| Jun 2019 | 171 | 179 | 150 |
| Sep 2019 | 178 | 184 | 152 |
| Dec 2019 | 186 | 193 | 154 |
| Mar 2020 | 192 | 199 | 161 |
| Jun 2020 | 190 | 197 | 156 |
| Sep 2020 | 194 | 202 | 156 |
| Dec 2020 | 204 | 210 | 160 |
| Mar 2021 | 210 | 220 | 168 |
| Jun 2021 | 210 | 224 | 167 |
| Sep 2021 | 215 | 229 | 168 |
| Dec 2021 | 223 | 239 | 173 |
| Mar 2022 | 230 | 251 | 180 |
| Jun 2022 | 237 | 260 | 181 |
| Sep 2022 | 247 | 273 | 187 |
| Dec 2022 | 253 | 285 | 195 |
| Mar 2023 | 261 | 297 | 201 |
| Jun 2023 | 269 | 305 | 202 |
| Sep 2023 | 283 | 343 | 224 |
| Dec 2023 | 291 | 354 | 229 |
| Mar 2024 | 295 | 368 | 238 |
| Jun 2024 | 297 | 376 | 238 |
| Sep 2024 | 297 | 387 | 239 |
| Dec 2024 | 305 | 398 | 245 |
| Mar 2025 | 302 | 413 | 259 |
| Jun 2025 | 301 | 420 | 260 |
| Sep 2025 | 297 | 434 | 265 |
| Dec 2025 | 298 | 450 | 273 |
| Mar 2026 | 299 | 471 | 285 |
| Jun 2026 | 294 | 481 | 285 |
From the quarterly Basic Statistical Return, Table 3.2. Money after prices divides each quarter’s amount by the consumer price index for its last month. The marked quarter is March 2026, where the multiples in the text end.
WHAT INDIVIDUALS BORROW FOR
Personal loans went from ₹16.5 to ₹30.9 of every ₹100 banks lent, 2015 to 2026
Personal loans to individuals made up ₹30.9 of every ₹100 banks had lent in March 2026, up from ₹16.5 in March 2015, more than banks had lent to all private companies (₹26.5).
Home loans are the largest kind. They rose from ₹30.0 to ₹34.1 of every ₹100 lent to individuals, and from ₹9.3 to ₹15.9 of every ₹100 of all bank credit; part of that rise is HDFC’s home loans, which joined the banks in 2023. Other personal loans, which cover everything but homes, vehicles, cards, consumer durables and education, rose from ₹12.9 to ₹20.6 of every ₹100 lent to individuals.
Vehicle loans rose from ₹5.5 to ₹6.6 and credit cards rose from ₹1.8 to ₹2.8. Education loans fell from ₹3.0 to ₹1.6, and consumer durables stayed at ₹0.5.
Farm loans fell from ₹30.4 to ₹19.5 of every ₹100 lent to individuals, though the money lent for farming tripled. Loans to individuals for trade, industry, services and transport together fell from ₹13.8 to ₹9.3.
- Housing
- Other personal loans
- Vehicles
- Credit cards
- Education
- Consumer durables
- Agriculture
- Trade
- Professional and other services
- Industry
- Transport operators
- Finance
- All others
Table view
| Mar 2015 | Mar 2026 | |
|---|---|---|
| Personal loans: housing | 30.0 | 34.1 |
| Personal loans: other personal loans | 12.9 | 20.6 |
| Personal loans: vehicles | 5.5 | 6.6 |
| Personal loans: credit cards | 1.8 | 2.8 |
| Personal loans: education | 3.0 | 1.6 |
| Personal loans: consumer durables | 0.5 | 0.5 |
| Agriculture | 30.4 | 19.5 |
| Trade | 4.5 | 3.0 |
| Professional and other services | 3.2 | 2.6 |
| Industry | 3.8 | 2.2 |
| Transport operators | 2.3 | 1.5 |
| Finance | 0.5 | 0.5 |
| All others | 1.7 | 4.4 |
From the quarterly Basic Statistical Return, Table 3.2, credit to individuals by occupation, with personal loans split into the six kinds the table gives.
WOMEN
Women’s loan accounts peaked in June 2024 and have fallen since
Women held 30 of every 100 loan accounts of individuals in March 2026 and ₹24.5 of every ₹100 lent to individuals, up from 22 and ₹18.3 in March 2015. About a third of the accounts added since 2015 are women’s.
A woman’s average loan was ₹2.31 lakh in March 2026 and a man’s ₹3.02 lakh, or ₹77 for every ₹100. In 2015 it was ₹78, so the gap in loan size has barely moved.
Women’s accounts peaked at 11.6 crore in June 2024. By June 2026 they were 10.1 crore, 12.6% fewer. The fall came at the same time as the retreat of microfinance lending from mid-2024, which The ₹2 lakh line traces.
Women’s share of the money lent to individuals for farming rose from ₹20.3 to ₹33.0 of every ₹100 between 2015 and 2026. Their share in trade rose by more, from ₹12.6 to ₹26.7.
These quarterly figures leave out the regional rural banks, which lend mostly in villages. The annual return for March 2026 includes them and adds 2.8 crore accounts of individuals. With them, women hold 29.9% of individuals’ accounts and ₹24.7 of every ₹100, close to 29.7% and ₹24.5 without them. No table that includes those banks splits an occupation by gender, so the farm figures leave those banks out.
Table view
| Quarter | Women’s accounts | Share of accounts | Share of money |
|---|---|---|---|
| Mar 2014 | 2.40 crore | 21.5% | 19.7% |
| Dec 2014 | 2.55 crore | 22.1% | 18.7% |
| Mar 2015 | 2.56 crore | 22.1% | 18.3% |
| Jun 2015 | 2.60 crore | 22.3% | 18.3% |
| Sep 2015 | 2.67 crore | 22.3% | 18.2% |
| Dec 2015 | 3.34 crore | 26.0% | 18.6% |
| Mar 2016 | 3.39 crore | 26.0% | 18.7% |
| Jun 2016 | 3.38 crore | 26.2% | 19.0% |
| Sep 2016 | 3.69 crore | 27.5% | 19.5% |
| Dec 2016 | 3.67 crore | 27.1% | 19.7% |
| Mar 2017 | 3.72 crore | 27.0% | 19.5% |
| Jun 2017 | 3.76 crore | 26.8% | 19.8% |
| Sep 2017 | 3.88 crore | 26.9% | 20.0% |
| Dec 2017 | 4.38 crore | 28.8% | 20.3% |
| Mar 2018 | 4.58 crore | 29.4% | 20.6% |
| Jun 2018 | 4.69 crore | 29.4% | 20.6% |
| Sep 2018 | 4.94 crore | 30.0% | 20.8% |
| Dec 2018 | 5.54 crore | 31.6% | 21.3% |
| Mar 2019 | 5.54 crore | 30.2% | 21.1% |
| Jun 2019 | 6.69 crore | 33.8% | 22.1% |
| Sep 2019 | 7.03 crore | 34.2% | 21.8% |
| Dec 2019 | 7.44 crore | 34.6% | 22.0% |
| Mar 2020 | 7.84 crore | 35.4% | 22.1% |
| Jun 2020 | 7.55 crore | 34.4% | 22.0% |
| Sep 2020 | 7.71 crore | 34.4% | 22.4% |
| Dec 2020 | 8.48 crore | 35.9% | 22.5% |
| Mar 2021 | 8.67 crore | 35.7% | 22.7% |
| Jun 2021 | 8.49 crore | 35.0% | 21.9% |
| Sep 2021 | 8.63 crore | 34.7% | 22.4% |
| Dec 2021 | 8.88 crore | 34.5% | 22.4% |
| Mar 2022 | 9.13 crore | 34.3% | 22.5% |
| Jun 2022 | 9.33 crore | 34.0% | 22.5% |
| Sep 2022 | 9.67 crore | 33.9% | 22.6% |
| Dec 2022 | 9.93 crore | 34.0% | 22.7% |
| Mar 2023 | 10.18 crore | 33.7% | 22.9% |
| Jun 2023 | 10.48 crore | 33.7% | 22.9% |
| Sep 2023 | 11.02 crore | 33.7% | 22.9% |
| Dec 2023 | 11.34 crore | 33.7% | 23.1% |
| Mar 2024 | 11.61 crore | 34.1% | 23.4% |
| Jun 2024 | 11.61 crore | 33.8% | 23.4% |
| Sep 2024 | 11.49 crore | 33.4% | 23.6% |
| Dec 2024 | 11.44 crore | 32.5% | 23.6% |
| Mar 2025 | 11.17 crore | 31.9% | 23.6% |
| Jun 2025 | 10.91 crore | 31.4% | 23.7% |
| Sep 2025 | 10.64 crore | 30.9% | 23.8% |
| Dec 2025 | 10.45 crore | 30.3% | 24.1% |
| Mar 2026 | 10.30 crore | 29.7% | 24.5% |
| Jun 2026 | 10.15 crore | 29.9% | 24.8% |
From the quarterly Basic Statistical Return, Table 3.2, the individuals’ columns split by gender. Shares are of individuals’ accounts and of the money lent to individuals. DBIE has no June or September 2014 quarter, so the first step on the axis is nine months.
Table view
| Occupation | Mar 2015 | Mar 2026 |
|---|---|---|
| Agriculture | 20.3 | 33.0 |
| Trade | 12.6 | 26.7 |
| Personal loans | 18.0 | 23.0 |
| Industry | 14.8 | 19.8 |
| Professional and other services | 17.4 | 18.9 |
| All others | 21.5 | 17.8 |
| Transport operators | 10.5 | 11.8 |
From the quarterly Basic Statistical Return, Table 3.2. Finance, under ₹1 of every ₹100 lent to individuals, is counted in all others, since so small an amount swings too much from year to year to compare.
THE LARGEST SHARE
Individuals owe ₹47 of every ₹100 banks have lent, private companies ₹27
Individuals passed private companies in June 2017. About half of the change in the gap since 2015 came from companies’ smaller share, the rest from individuals’ larger one. Lending to companies doubled in rupees and grew by about a quarter after prices, while lending to individuals nearly tripled after prices.
The gap between the two peaked at ₹21.5 of every ₹100 in September 2025 and has narrowed since, to ₹19.6 in June 2026, because lending to private companies sped up: it grew 21.1% in the year to June 2026, against 7.9% a year before, while lending to individuals grew 14.6%.
MORE LOANS
Individuals’ loan accounts tripled, and the average loan is about 5% smaller after prices
Individuals held 34.6 crore loan accounts in March 2026. The average loan rose from ₹1.78 lakh to ₹2.81 lakh, a little slower than prices. The table counts accounts, and one person can hold several, so it cannot say how many people borrow.
WOMEN
Women hold 30 of every 100 accounts of individuals and ₹24.5 of every ₹100
Their average loan is ₹77 for every ₹100 of a man’s. Their accounts peaked in June 2024 and were 12.6% fewer by June 2026. Counted with the regional rural banks, the shares are much the same.
In June 2026 individuals owed ₹47 of every ₹100 banks had lent, and private companies ₹27. In March 2015 they owed ₹31 and ₹40.
SOURCES
Reserve Bank of India, Basic Statistical Returns of scheduled commercial banks, as published on DBIE. The quarterly BSR-1 Table 3.2, organisation-wise classification of outstanding credit according to occupation, March 2014 to June 2026, which leaves out the regional rural banks (DBIE report 958). The annual BSR-1 for March 2026, which includes them: Table 3.2 (report 1092) and Table 1.11 for the split by gender (report 1137). Prices are MoSPI’s consumer price index, rural and urban combined, general index, base 2012 = 100 (report 610), carried on by the base 2024 = 100 series in the RBI Monthly Bulletin (report 45). Counts of people rather than accounts are from TransUnion CIBIL (8 and 30 July 2026). The effect of the HDFC merger is from the Reserve Bank’s press release on the quarterly returns for September 2023 (1 December 2023). Further reading: Ministry of Finance, Economic Survey 2016-17, Volume 1, Chapter 4, “The festering twin balance sheet problem”; J. M. Anthony, S. Shankar and S. Sahoo, “Sectoral deployment of bank credit in India”, RBI Bulletin, February 2019; V. S. Shekhawat, A. K. Shukla, A. C. V. Subrahmanyam and J. Ansari, “Dynamics of credit growth in the retail segment: risk and stability concerns”, RBI Bulletin, January 2024; International Monetary Fund, India: 2024 Article IV consultation, Country Report 25/54, February 2025.
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METHOD
Accounts, not people. Every count here is of loan accounts. One person can hold several, and each credit card is one. The Reserve Bank publishes no count of distinct bank borrowers, so the story never turns accounts into people. The counts of people it cites come from a credit bureau.
Two sets of figures. The quarterly table leaves out the regional rural banks, and every figure that moves through time comes from it. The annual return for March 2026 includes them: with them individuals hold ₹47.8 of every ₹100 lent, against ₹46.7 without, and women 29.9% of individuals’ accounts and ₹24.7 of every ₹100 lent to individuals. The two are never mixed in one number.
Prices. Amounts after prices are divided by the consumer price index, general index, rural and urban combined, for the last month of each quarter, and stated in March 2026 rupees. The index was 120.2 in March 2015 and 198.5 in March 2026, a rise of 65%. The base 2012 series ends in December 2025, so March 2026 and June 2026 carry it on by the year-on-year change of the base 2024 series.
The quarters. The series starts in March 2014 and DBIE has no June or September 2014 quarter. The latest quarter is June 2026. Shares in the opening and In short are for the latest quarter; the chapters compare March 2015 with March 2026, so that a year is compared with a year.
A change of lender. The returns cover scheduled commercial banks only. When HDFC, a housing finance company, merged into HDFC Bank on 1 July 2023, its loans entered the returns from the September 2023 quarter. That moves existing loans into the banks’ figures; it is not new borrowing. The series is not adjusted for it, as the Reserve Bank’s tables are not.
Rounding. The quarterly amounts are published to the whole crore. Shares are rounded to one decimal, and multiples to one decimal or put in words.
Nothing typed by hand. Every figure from the returns and the price index is read from the DBIE tables by a program that checks the totals of each table every time it runs, and the sentences use those same figures. The only figures typed in are the credit bureau’s and the Reserve Bank’s growth with and without the HDFC merger, each named where it appears.