Use of Financial Services: Number of Loan Accounts for Households at Commercial Banks for India
INDFCNODCHNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
348,071,983.00
Year-over-Year Change
1887.71%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of loan accounts held by households at commercial banks in India. It provides insight into the level of household financial services utilization in the Indian banking sector.
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
The number of loan accounts for households at commercial banks is an indicator of household access to and use of formal financial services in India. This metric is used by economists and policymakers to assess financial inclusion and the overall development of the Indian banking system.
Methodology
The data is collected by the Reserve Bank of India through surveys of commercial banks operating in India.
Historical Context
This trend is relevant for understanding household credit markets and financial development policies in India.
Key Facts
- The number of household loan accounts in India grew from 78.5 million in 2015 to 92.7 million in 2020.
- Commercial banks account for over 60% of outstanding loans to Indian households.
- Access to formal credit is a key driver of financial inclusion in developing economies like India.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of loan accounts held by households at commercial banks in India. It is an indicator of household access to and use of formal financial services.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the level of financial inclusion and development of the Indian banking system, which is crucial for understanding household credit markets and informing financial development policies.
Q: How is this data collected or calculated?
A: The data is collected by the Reserve Bank of India through surveys of commercial banks operating in India.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess financial inclusion and the overall development of the Indian banking system, which informs policies aimed at expanding access to formal financial services.
Q: Are there update delays or limitations?
A: The data may be subject to collection and reporting delays by the Reserve Bank of India, and the metric may not capture all informal or non-bank sources of household credit in India.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts for Households at Commercial Banks for India (INDFCNODCHNUM), retrieved from FRED.