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    Household debt in India nearly doubles to Rs 6.74 lakh crore in 2017-18: RBI

    Household debt in India nearly doubles to Rs 6.74 lakh crore in 2017-18: RBI

    Household debt in India nearly doubles to Rs 6.74 lakh crore in 2017-18: RBI
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    By CNBC-TV18  IST (Published)

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    Indian households' indebtedness nearly doubled to Rs 6.74 lakh crore in the year to March 2018 as their financial liabilities surged 80 percent, data released by the Reserve Bank of India showed.

    Indian households' indebtedness nearly doubled to Rs 6.74 lakh crore in the year to March 2018 as their financial liabilities surged 80 percent, data released by the Reserve Bank of India showed.
    The advances by banks to households have risen 71.5 percent to Rs 4.3 lakh crore, reversing a four-year-long trend of declines in households’ bank borrowings, the report said.
    The rise in the financial liabilities reflect a change in the attitude for consumers to have a certain lifestyle and the fact that affordable loans are no longer available easily.
    The Indian households have accessed credit from non-banks where the loans are likely to have risen between 3 and 9 percent annually, hence increasing the financial liabilities of households increased every year.
    The ratio of the household debt to the gross domestic product of the country is, however, estimated to have hit a high of 15.7 percent in March 2017, it lower than its peers.
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