With the rising income of the middle-class, a booming consumption rate as well as digital connectivity and the high FinTech adoption rate along with rapid urbanization and population growth, the Indian consumer finance market is growing steadily, and it is improving access to retail lending for the new and untapped sections of the society. The consumer finance market is also getting redefined with the advent of FinTech companies despite the market being dominated by NBFCs such as Bajaj Finance and big private lenders such as HDFC Bank and ICICI Bank.
