{
 "name": "India Bank Credit-to-GDP Ratio (Financial Deepening)",
 "unit": "bank credit to private sector, % of GDP",
 "dashboard": "https://bankpulse.ai/dashboards/credit-to-gdp/",
 "source": "World Bank (Domestic credit to private sector by banks, % of GDP) cross-checked against RBI Handbook of Statistics on the Indian Economy",
 "reviewed_by": "Vikram Jain",
 "license": "https://creativecommons.org/licenses/by/4.0/",
 "updated": "2026-06-19T04:54:01+05:30",
 "dateModified": "2026-06-19T04:54:01+05:30",
 "note": "Rounded and approximate; recent years provisional and revised. The 2020 rise is largely mechanical because nominal GDP contracted during COVID-19 while the credit stock did not. India's ratio (~50-56%) is low versus China (>150%) and most advanced economies (>100%), indicating financial-deepening headroom.",
 "series": [
  {
   "year": "2015",
   "credit_to_gdp_pct": 52.0,
   "approximate": true,
   "note": "Broadly flat around the low-50s for much of the 2010s"
  },
  {
   "year": "2016",
   "credit_to_gdp_pct": 50.0,
   "approximate": true,
   "note": "Slow credit growth amid bank asset-quality stress"
  },
  {
   "year": "2017",
   "credit_to_gdp_pct": 50.0,
   "approximate": true,
   "note": "NPA clean-up weighs on lending"
  },
  {
   "year": "2018",
   "credit_to_gdp_pct": 50.0,
   "approximate": true,
   "note": "Credit growth recovering off a low base"
  },
  {
   "year": "2019",
   "credit_to_gdp_pct": 51.0,
   "approximate": true,
   "note": "Pre-pandemic"
  },
  {
   "year": "2020",
   "credit_to_gdp_pct": 55.0,
   "approximate": true,
   "note": "COVID-19 — ratio rose as nominal GDP contracted"
  },
  {
   "year": "2021",
   "credit_to_gdp_pct": 54.0,
   "approximate": true,
   "note": "Ratio eases as GDP rebounds"
  },
  {
   "year": "2022",
   "credit_to_gdp_pct": 52.0,
   "approximate": true,
   "note": "Strong nominal-GDP growth normalises the ratio"
  },
  {
   "year": "2023",
   "credit_to_gdp_pct": 53.0,
   "approximate": true,
   "note": "Double-digit bank credit growth"
  },
  {
   "year": "2024",
   "credit_to_gdp_pct": 55.0,
   "approximate": true,
   "note": "Provisional / estimate — credit deepening continues"
  }
 ]
}