Credit Market Indicator – March 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 December 2025 was 102, higher than 97 in December 2024.

• Retail credit supply, which had accelerated following the implementation of GST 2.0, has eased after the festive period and reverted to levels broadly aligned with late‑2024. The post‑seasonal moderation reflects a normalisation of short‑term consumer credit supply.
• Gold loan origination value recorded a two‑fold year‑over‑year increase, largely driven by a substantial appreciation in gold prices during 2025.
• Younger consumers continue to underpin the expansion of the First‑time Borrower (FTB) segment, which posted above‑average year‑over‑year growth, particularly in personal loans and consumer durable loans.