Credit Market Indicator – June 2026

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 March 2026 was 104, higher than 97 in March 2025.

• Retail credit supply has strengthened meaningfully, with origination value for the quarter ended March 2026 increasing by 40% year‑on‑year compared to the corresponding period in 2025.
• Gold loan origination value continued its sharp upward trajectory, doubling year‑on‑year. This growth was primarily driven by a significant increase in gold prices during 2025, which elevated collateral values and enabled larger ticket sizes, even as borrower volumes remained relatively stable.
• In the cards segment, balances have stabilised alongside continued improvement in delinquency performance, indicating strengthening portfolio quality. However, growth in new credit card customers has moderated, suggesting that while the segment is maturing, there remains substantial untapped potential for future expansion.