New Delhi, June 20 (KNN) To make better lending decisions, grow customer base and drive credit penetration for the small and micro lenders, the Credit Information Bureau (India) Limited (CIBIL) has announced the expansion of its reach in the small and micro loans segment.

Satish Pillai, Managing Director and CEO, CIBIL said: “CIBIL is committed to partner in the national momentum of helping drive financial inclusion. Access to credit is one of the fundamental requirements to enable the fulfilment of aspirations of our citizens. By growing our reach in the small and micro loans segment we are able to provide richer and wider information, insights and solutions to banks and microfinance institutions to support them in driving access to finance for many more deserving consumers.”

Manoj Kumar Nambiar, President of Microfinance Institutions Network (MFIN) and Managing Director of Arohan said, “Credit information is the foundation for any lending decision to be correct and we are excited that CIBIL with its long and varied experience is launching its differentiated offering in this segment.‎ We look forward to working closely with CIBIL in building a strong credit culture in this critical segment to further the cause of true financial inclusion."

Availability of credit information insights and solutions from CIBIL has significantly contributed to driving growth in the retail credit segment while fuelling credit penetration and financial inclusion.

CIBIL insights reveal that retail loans have grown at an average CAGR of 28% over the last three years, while at the same time there is significant reduction in retail NPA rates. Credit information solutions have helped reduce the average time required for approval of a loan application from approximately 7-9 days three years ago to around 3-4 days today and has contributed to the growth in rural lending from 25% five years ago to 40% today. (KNN Bureau)