The CMI is a comprehensive measure of data elements that are summarized monthly to analyse changes in credit market health, categorized under four pillars: demand, supply, consumer behaviour, and performance. These factors are combined into a single, comprehensive indicator, and pillars can also be viewed in more detail individually. The CMI for September 2025 was 99, higher than 98 in June 2025.

The Goods and Services Tax (GST) rationalisation and the festive season boosted retail credit demand, particularly for consumer durable, auto and two-wheeler loans
Younger borrowers and new-to-credit consumers (NTC) expanded their share, particularly in semi-urban and rural regions
Early delinquencies emerging in micro-loans against property (LAP) and small-ticket housing loans, which calls for proactive monitoring of these portfolios

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Credit Market Indicator – December 2025

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