Use of Financial Services: Number of Loan Accounts at Commercial Banks for India
INDFCNODCNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
360,243,543.00
Year-over-Year Change
198.40%
Date Range
1/1/2004 - 1/1/2023
Summary
The 'Use of Financial Services: Number of Loan Accounts at Commercial Banks for India' trend tracks the total number of loan accounts held at commercial banks in India. This metric provides insight into the level of access to formal credit and financial inclusion within the Indian economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series represents the total number of loan accounts maintained at commercial banks in India. It serves as an indicator of the breadth of lending activity and overall financial intermediation in the country's banking sector. Policymakers and analysts use this data to monitor financial inclusion and the distribution of credit across the Indian population.
Methodology
The data is collected and reported by the Reserve Bank of India based on regulatory reporting from commercial banks.
Historical Context
Trends in the number of loan accounts are closely watched by the Indian government and central bank to inform policies aimed at expanding access to formal financial services.
Key Facts
- India had over 280 million loan accounts at commercial banks as of 2021.
- Loan account numbers have grown by over 50% in the past decade.
- Access to credit remains uneven, with rural areas lagging urban centers.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the total number of loan accounts held at commercial banks in India, providing insight into the level of access to formal credit and financial inclusion in the country.
Q: Why is this trend relevant for users or analysts?
A: Trends in the number of loan accounts are closely monitored by policymakers to inform efforts to expand financial inclusion and access to credit across the Indian population.
Q: How is this data collected or calculated?
A: The data is collected and reported by the Reserve Bank of India based on regulatory reporting from commercial banks in the country.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess the breadth of lending activity and financial intermediation in India's banking sector, informing policies aimed at increasing access to formal financial services.
Q: Are there update delays or limitations?
A: The data is reported on a regular basis by the Reserve Bank of India, though there may be some delays in publishing the most recent figures.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts at Commercial Banks for India (INDFCNODCNUM), retrieved from FRED.