It is becoming something of a post-pandemic mantra in India: A lender whose portfolio of unsecured retail loans is not increasing by 50% annually is simply not trying hard enough.
All kinds of bank and nonbank lenders are heaping credit on household balance sheets even though the consumer economy is fragile: A tiny minority that can afford luxury goods is in great financial shape, but low-income earners, especially outside large cities, are struggling with two-wheeler purchases and smartphone upgrades.
