New Delhi, Oct. 11 -- A higher proportion of new-to-credit (NTC) customers are choosing non-banking financial companies (NBFCs) to make their foray into the borrowing space, according to a joint report by the Finance Industry Development Council (FIDC) and TransUnion CIBIL.

The report titled 'Bharat Nirman: NBFC Forming the Foundation of Credit Dispersion' found that a growing number of first-time borrowers start their credit journey with consumption products and are serviced mainly by NBFCs.

Raman Aggarwal, CEO of FIDC noted that the NBFC sector today is far more deeply embedded in India's credit system than it was a decade ago. "Its strength has always been the ability to respond to markets that require flexibility, whether that is a ...