RBI data puts India household debt at 45.5% of GDP as unsecured retail credit expands
Non-housing retail loans accounted for 58.4% of household debt in September 2025, up from about 50% in 2019-20. Small-ticket loan delinquencies reached 6.4% in March 2026, versus 4.5% two years earlier, signalling growing stress in unsecured consumer credit.
RBI data shows Indian household debt reached 45.5% of GDP, with non-housing retail credit comprising 58.4%. Rising unsecured digital lending and small-ticket delinquencies may constrain consumer spending and heighten credit risk for retailers and consumer-finance partners.
Why this matters
The debt signal extends RBI’s recent regulatory focus, including FEMA draft proposals on minority foreign funding for unlisted retail ventures, governance at foreign-backed retailers, and simpler foreign-investment rules under consultation.
retail-company is accelerating, up +1,011,100% QoQ.