Credit is an important element in any country’s economic landscape, especially one such as India where its use goes hand in hand with economic progress. The use of credit helps families safely bridge financial downturns and fosters economic pursuits. This is particularly true in the case of microfinance institutions that have enhanced the lives of millions of borrowers through a wide and diversified range of financial products.

The credit lifecycle in the country comes with its unique set of challenges that obstruct the lives of both loan providers and borrowers with numerous operational bottlenecks. The integration of alternate data into credit scoring is bringing about a profound transformation in the country’s credit landscape. Technology is paving the way for new approaches for the assessment of creditworthiness in India.

This report delves into the pioneering initiative by IITMRP, a subsidiary of the Indian Institute of Technology Madras (IIT-M), in collaboration with other firms to foster sturdy ecosystems that promote financial inclusion by providing comprehensive support systems. The “10X Fintech for Inclusion Initiative” at IITMRP is one such initiative, a testament to this collaborative spirit. It encapsulates the park’s mission to accelerate social and economic inclusion through technology. The companies featured in this report, each with its unique contributions to financial inclusion and technological innovation, are part of a broader, interconnected ecosystem fostered by the IITMRP.