Answer: Reserve Bank of India (RBI)
Notes: The Financial Stability Report 2024 released by Reserve Bank of India (RBI) highlights rising household debt, increasing from 36.6% of GDP in 2021 to 42.9% in 2024. Although lower than in other emerging economies, the rising debt-to-GDP ratio signals potential economic risks. A shift from borrowing for assets like homes to borrowing for consumption is seen, especially among lower-income groups. More loans are being taken by prime and super-prime borrowers for asset creation, while sub-prime borrowers use loans for consumption. Lower-income households are increasingly relying on credit cards and personal loans for daily expenses, leading to financial stress.
