According to a report released by TransUnion CIBIL, NITI Aayog’s Women Entrepreneurship Platform, and MicroSave Consulting, the share of first-time women borrowers in India has decreased from 28% in 2022 to 24% in 2025. This decline occurs despite an overall increase in lending to women, with 16 crore women being credit-active and credit penetration rising to 36%, up from 19% in 2017. The report indicates that the share of existing-to-credit borrowers has increased from 72% to 76%, reflecting a trend towards lending to repeat borrowers rather than new entrants. Retail lending has seen a positive shift, with women accounting for 38% of new-to-credit originations in 2025, driven primarily by consumption and gold loans. However, the microfinance sector, crucial for low-income women, has faced challenges, including a contraction in credit supply due to borrower overleveraging. The report also notes a demographic shift in credit-active borrowers from southern states like Tamil Nadu to northern states such as Uttar Pradesh and Bihar. Despite the growth in women's credit access, there remains a substantial untapped potential, with around 45 crore credit-eligible women in India.