Household debt in India nearly doubles to Rs 6.74 lakh crore in 2017-18: RBI
Updated : September 18, 2018 10:33 AM IST
The advances by banks to households has risen to 71.5 percent, that is Rs 4.3 lakh crore.
The Indian households have accessed credit from non-banks where the loans are likely to have risen between three and nine percent annually.
The reasons for the rise in the financial liabilities can include a change in the attitude for consumers to have a certain lifestyle and the fact that affordable loans are no longer available easily.