New Delhi, April 30 -- India's new-to-credit (NTC) borrower base has risen to 4.4 crore, highlighting its growing role in driving credit growth and financial inclusion, even as lenders adopt a more calibrated and selective approach, according to a report by CRIF High Mark.

The report, titled highlighted that the number of first-time borrowers entering the formal credit system has steadily increased from 3.6 crore in the 12 months ending February 2022 to 4.4 crore in the 12 months ending February 2026, reflecting a compound annual growth rate of 5.1 per cent.

Despite tighter underwriting by financial institutions, NTC borrowers continue to play a significant role in credit expansion, accounting for 17.8 per cent of overall borrowers orig...