New Delhi, Apr 30 (BNP): The number of first-time borrowers in India has increased to around 4.4 crore, even as lending conditions have become stricter, according to a recent report.

The report indicates that access to credit continues to expand across the country, driven by growing financial inclusion and wider adoption of formal banking services. This trend has persisted despite tighter lending norms introduced by financial institutions.

It also highlights that more individuals are entering the formal credit system for the first time, reflecting improved awareness and easier access to loans through digital platforms and organised financial channels.

Overall, the findings suggest a steady deepening of India’s credit market, with a rising number of new borrowers participating in the formal financial ecosystem.