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You and I are probably spending too much time on our phones. But how much time is too much? Ever since Apple rolled out the <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/best-iphone">iPhone's</a> screen-time tracking feature in 2018, we've been shocked and ashamed to see how many minutes and hours we spend basking in the screen's LED glow. But that number doesn't tell me if my four hours a day (which sounds like a lot) is a heroic feat of restraint and time well spent or a sign that I'm scrolling life away.That's how I ended up trying out Clearspace, one of several apps designed to help people take control of their screen time, and perhaps the most brazen of them. Clearspace, backed by <a target="_blank" class="" href="https://www.businessinsider.com/y-combinator-making-first-weapons-industry-bet-on-missile-startup-2024-8">Y Combinator</a>, not only lets you restrict how many times you open an app each day but is testing a new feature that lets you see how much time your friends are spending on their phones. Screen-time creeping has entered the chat.When you sign up, you can opt to give yourself a set number of times you're allowed to open certain apps in a day. For example, I let myself open <a target="_blank" class="" href="https://www.businessinsider.com/what-tiktok-ban-marketers-employees-creators-are-not-worried-2024-9">TikTok</a> six times (probably a generously low guess on the number of times I was clicking the app daily) and gave myself three times to open <a target="_blank" class="" href="https://www.businessinsider.com/meta-new-ray-ban-smart-glasses-apple-vision-pro-2024-9">Facebook</a>, home of my favorite serotonin-boosting activity: mindlessly scrolling Facebook Marketplace for cheap home goods. While I'd prefer to open Slack and <a target="_blank" class="" href="https://www.businessinsider.com/gmail-update-fix-email-tabbed-inbox-2024-5">Gmail</a> less often than I do, I'd also prefer to keep my job. Each time I wanted to browse secondhand shoe racks, before I could open Facebook, Clearspace prompted me to take a deep breath and read an inspirational-poster quote — like "However little television you watch, watch less," credited to the historian David McCullough, and "Wonder is the very engine of life," from the explorer Erling Kagge. Then I could select how long I'd like to stay in the app (10 minutes at most) before I'd be kicked out. For TikTok, that was a helpful nudge back into the real world. For The New York Times' games app, it filled me with ire; I can't do a Sunday crossword in 10-minute increments. Off the restricted list it went.My friends weren't exactly thrilled to join my experiment. One downloaded it, restricted TikTok, and then texted me: "I'm currently scrolling on TikTok and plan to all day. It better not stop me." When the app ultimately did, I could see that she deleted TikTok from her restricted apps, added Duolingo, and clocked nine hours of screen time that day and 10 the next, an amount that both stunned and impressed me, given she has a full-time office job. (When confronted, she blamed the high screen time on her Kindle app and podcasts.) It doesn't appear she ever opened Duolingo, so I won't expect to see any sudden improvements in her Spanish anytime soon.Royce Branning, a cofounder of Clearspace, says the company started testing the friends feature after hearing that users were taking screenshots of their Clearspace screen tracking and sharing it with one another. That can open up conversation, as it did when I asked my friend how she spent 10 hours on her phone in day. Branning says that building the feature into the app is a way to "arm people's little community with the ability to encourage each other," or compete. Branning says he and his cofounder use it to keep each other accountable, but there's a sense of friendly competition. Still, they don't think the goal is to get screen time down to the lowest possible levels. "We don't think screen time is inherently bad," Branning says. "We want to reduce regrettable usage." I'm not sure where my friends spent all their screen time, but being on a phone doesn't inherently ruin your life. Sharing memes is how I bond with my friends. Procuring the perfect used plant stand from Facebook Marketplace requires constant vigilance, and when I finally see that trendy item I've been looking for marked down to $20, it's a cosmic thrill. And I'm sure that breaking news about the <a target="_blank" href="https://www.businessinsider.com/new-york-city-mayor-eric-adams-charges-indicted-2024-9">indictment of New York City Mayor Eric "Trash Revolution" Adams</a> led my screen time and X usage to skyrocket.Dr. Jason Nagata, an associate professor of pediatrics at the University of California, San Francisco, says one of the big problems with staying surgically attached to your phone is that the screen is often replacing something else in your life. If you're scrolling Instagram and TikTok for hours instead of exercising or meeting up with friends, you may be swapping healthy activities with sedentary and anxiety-inducing ones.Most research about the negative effects of screen time focuses on children rather than adults. While kids are using screens increasingly often to learn, excessively staring at them has been linked to anxiety, depression, and lower cognitive abilities. For adolescents, social-media use can contribute to insecurities, body-image issues, and eating disorders.Still, the amount of screen time even children should be allotted has gotten murkier. The American Academy of Pediatrics recommended limiting screen time to two hours a day, but in 2016 it did away with the hard line, instead guiding caregivers to focus on "mindful use" of screens. Experts don't really know how much screen time is too much — and that makes the minutes and hours ticking up on screen-time apps harder to decipher.Screen-time apps like Clearspace, OffScreen, AppBlock, and slew of others designed for parents to set limits for their children might be useful, but they can't on their own be a fix for excessive scrolling. Nagata says there has to be "some sort of buy-in" and desire to reduce screen time. "This is just a tool to limit your use," he added. My friends lacked the willpower, and the openness, to fully buy in. One immediately refused to download it, saying that the results would make her feel too guilty and that she doesn't look at her screen time. Another said she planned to delete it as soon as the trial for new features expired (after which Clearspace charges $50 a year for its premium version) and found the app-opening limits annoying. And I don't think my first friend paid much attention to my screen time — she was clearly busy doing other things with her phone for nine hours.Branning tells me he imagined people would share their screen-time totals with very close friends — the same people they share their location with. His hunch was right: I already share my location with the friends I had try the app, and I find myself checking to see where they are from time to time, even though we live in different cities. Watching their screen time tick up gives me another glimpse into what they're doing when we're apart, and it's a further breakdown of their private actions that I really don't need. Maybe my friend who didn't want to join us was onto something about keeping her scrolling a secret.It was less the peer pressure and the more the irritation of waiting for the app to open (and being reminded that there are other things I could do with my time) that got me to spend less time scrolling. The icons of the apps I chose to limit were shaded on my screen, deterring me from clicking and undergoing another breathing exercise before opening them. I stuck to my limits every day — even clocking in below them. And after the first day, I did find myself less inclined to spend time on TikTok than before, but I watched more Instagram reels, which are just less-funny TikToks or videos I already saw on TikTok last month.Maybe logging in to an app like Clearspace with friends, family, and romantic partners could help people police each other. Perhaps you'd think twice before opening TikTok for the 18th time on a Wednesday knowing that judgmental eyes could be lurking. As for me, I'm not going to pay too much attention to the number of times I pick up my phone or how long I'm on TikTok. And I'll definitely be going back to doomscrolling in private. Ultimately, we may want to prioritize limiting how much we know about each other than limiting our screen time. Knowing less about everyone's business leaves more room to wonder, which is, after all, the very engine of life.<a target="_blank" rel="" class="" href="https://www.businessinsider.com/author/amanda-hoover">Amanda Hoover</a> is a senior correspondent at Business Insider covering the tech industry. She writes about the biggest tech companies and trends.

I monitored my friends' phones. What I saw horrified me.

Worried about your <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-score/what-is-a-credit-score">credit score</a>? Maybe you weren't before, but now that I mention it you may be wondering when the last time you checked it was. Even if you're pretty sure it's fine, the topic is often enough to <a target="_blank" href="https://www.businessinsider.com/financial-therapist-talk-about-anxiety-money-2023-3">cause a moment of panic</a>, a sinking feeling followed by an "Oh God, what if something's happened?"That little three-digit number is a big deal in our financial lives. It serves as a sort of grade for how you handle money. An A gets you approval for an apartment and a decent rate on your car loan; an F gets your rental application turned down and makes your car insurance more expensive. You might not have even realized it, but your credit report <a target="_blank" href="https://www.businessinsider.com/why-cleaning-up-your-credit-can-help-you-land-a-job-2013-9">could even make a difference in whether you land your next job</a>.The anxiety around credit scores is palpable. It's also lucrative. Credit bureaus, startups, and even one-man operations can make a lot of money by playing into people's fears about their credit. They offer services that monitor credit scores and alert you when yours changes, or they say they can help you repair your damaged credit — for a price, of course. Many of these costly solutions do not work as well as promised or deliver much, if any, bang for your buck."The credit-scoring companies have figured out how to profit on the anxiety of consumers with credit watch and credit monitoring and all of these add-on programs," said Aaron Klein, a senior fellow in economic studies at the Brookings Institution, a nonpartisan think tank. "When companies find a way to profit off of anxiety, they have an incentive to create anxiety."What these companies won't tell you is that the best things to help ease your credit-related worries are cheap, even free. You can check your credit regularly at no cost from a lot of sources — your credit-card company likely tells you your score, and you can access your report weekly free of charge too. Freezing your credit also doesn't run you anything. It's important to be aware of your credit score, but you don't need to obsess over it — or let marketers convince you to pay for a bunch of stuff you don't really need because you're panicked.Around the time of the Super Bowl, I noticed that the Kansas City Chiefs tight end Travis Kelce was appearing in ads for Experian, one of the big three bureaus responsible for keeping track of everyone's credit scores. I <a target="_blank" href="https://www.businessinsider.com/travis-kelce-experian-tv-commercials-nfl-taylor-swift-super-bowl-2024-2">decided to write about it</a> and, in the process, created an Experian account. The company has been hounding me ever since. I get near-daily emails that range from run-of-the-mill product offers and "credit alerts" to nerve-racking warnings that my information may have been part of a data breach. When I click for more information, lo and behold, I'm confronted with a paid service. For $25 a month, I can sign up for "Experian CreditWorks Premium," which includes quarterly credit reports, credit monitoring, and identity protection. Once I decline that offer, which is kind of tricky, I can also find an offer to "lock" my credit for $5 a month. It's similar to a credit freeze, which blocks creditors from accessing your credit file, but can also do things like notify you if someone tries to access your Experian credit report. Here's the thing, though: A lot of the services it's offering are already free."There's no reason ever to pay for credit monitoring," said Chi Chi Wu, a senior attorney at the National Consumer Law Center. "There's no reason to pay for a credit score or pay for service for the credit score."In Wu's view, Experian is an especially bad offender — not just for its suite of likely unnecessary products but because, as part of its standard agreement, the company makes customers agree to mandatory arbitration, meaning you don't get to sue if Experian has a big screwup later. In an email, a spokesperson for Experian said that the company is "committed to financial inclusion" and that its free membership has tools to help consumers improve their financial health. "Millions of members find value in having Experian as their financial co-pilot helping them improve, manage, and protect their financial profile," the spokesperson said. They did not address the arbitration agreement. But Experian is hardly the only company out there selling credit-related services that drain consumer dollars. The credit-monitoring and identity-theft-protection industry, according to IBISWorld, is worth about $5.4 billion in annual revenue. The growth of the industry makes sense — in this day and age, data breaches are constant, and a fraudulent ding on your credit report or someone opening an account in your name can be an enormous headache. Guarding against that outcome seems like a small price to pay for a lot of people, except that paying any price above $0 may not actually be worth it.A <a target="_blank" href="https://www.nclc.org/wp-content/uploads/2022/09/IB_Credit_Monitoring_Arbitration.pdf">2022 brief</a> from the NCLC described credit-monitoring bundles as often "expensive and ineffective" and argued that they failed to meaningfully benefit consumers. It noted that most identity theft takes place in existing accounts, meaning monitoring services that alert consumers to newly opened accounts miss it. They also often fail to catch fraud related to medical services or tax refunds. And even when they do catch identity theft, they do so after the fact."Some people might be like, 'Well, I'd rather pay and not deal with the time,'" Wu said. "But the thing is those products aren't all that effective."A <a target="_blank" href="https://www.gao.gov/assets/gao-17-254.pdf">2017 report from the Government Accountability Office</a> was pretty negative on the whole monitoring and identity-theft-protection business, too, saying it's just not clear how helpful a lot of this stuff is. The report also looked at identity-theft insurance and noted that while it covered expenses related to dealing with the theft, it generally excluded actual financial losses. While credit monitoring falls into the waste-of-money category, other credit-related services can cross over into potentially predatory territory — for example, credit-repair operations. The idea behind these services is pretty simple: Credit reports often include some mistakes that can ding people's scores. So, for a fee, the companies will dispute a bunch of items in hopes of boosting the score. This may improve people's reports temporarily while the disputes are being investigated, but since the firms are basically disputing anything negative, when they lose, everything goes back to how it was, and the customer is just out more money."They're basically charging people with the false promise that they're going to be able to fix their credit reports and credit scores permanently when they can't," said Sarah Chenven, the CEO of Working Credit, a nonprofit that helps people build credit.Credit-repair companies often target people with lower incomes and people desperate to improve their credit reports and scores. Gen Zers and millennials, who <a target="_blank" href="https://www.creditkarma.com/insights/i/state-of-debt-and-credit-report#average-credit-scores">tend to have lower credit scores</a> than older generations and may not have extensive credit files, may be more likely to find themselves looking at a credit-repair service to get negative items off their reports or at some sort of credit-building service to just help them develop a record. Credit-monitoring companies can really appeal to anyone worried about their credit and identity theft. Some of these businesses also make money by marketing various financial products to people — a well-off boomer might get one type of credit-card offer, a struggling student another.The companies also don't do anything people can't do on their own — if there's an error, you can and should dispute it yourself. In fact, credit-repair agencies can be less effective than the average person at getting mistakes wiped from their credit histories because, as Andrew Pizor, a senior attorney at the NCLC, explained, the law says that credit-reporting agencies have to respond only to dispute letters directly from consumers. Credit-repair businesses try really hard to make it seem like disputes are from consumers, and the agencies try just as hard to sniff out whether that's going on."Most of the letters that you're paying for are going into the garbage," Pizor said. He added that if your dispute letters are going unanswered, you don't need a repair service — you need a lawyer.Federal regulators have gone after several companies accused of playing it fast and loose with the way they approach consumers. In 2017, the Consumer Financial Protection Bureau settled with TransUnion over charges related to how it was marketing its products, including credit monitoring, and ordered it to stop deceptive practices. In 2022, it sued TransUnion, accusing it of violating that order. In 2005, it dinged Experian for marketing free credit reports that weren't so free. Last year, the CFPB entered into a $2.7 billion settlement with a ring of credit-repair brands accused of illegally collecting fees for their services. Over a decade ago, the Federal Trade Commission and 35 states reached a $12 million settlement with LifeLock after alleging that it had made false claims about its identity-theft-protection services.These companies and credit-related services aren't necessarily evil. A significant part of the issue is that the ecosystem is a mess. Our credit-reporting and -scoring system is outdated and confusing, and so are a lot of the businesses that have sprung from it. Even the seemingly good products and services out there are a sign of the deep rot at the core of the whole system. Credit-building loans, which are loans designed to help people without much credit history build some, <a target="_blank" href="https://www.consumerfinance.gov/data-research/research-reports/targeting-credit-builder-loans/">can help people get on better financial footing</a>, even if there is usually some cost involved. Immigrants and young people in particular can benefit.Companies such as Credit Karma that let you access a lot of your information easily and for free make it so your credit score isn't such a mystery. The downside there is that they make their money by giving your information to a bunch of third-party financial products and taking a cut if you sign up for one of them. For consumers, the whole thing feels like a maze. It's tough to separate the good actors from the bad and to understand the trade-offs at hand. It's not always clear what you're signing up for, whether you need it, or what you're going to wind up paying."The credit system and the financial system, and I hate to sound a little preachy, but it's a black box," said Ryan Steckler, a vice president of product and general manager at Credit Karma. "Given that situation, we're in the business of empowering our consumers by giving them access to the same data those financial institutions have."It would be neat to be able to say that some concrete help is on the way, but the truth is we're stuck with some not-so-fun realities around credit scores for the foreseeable future. As screwed up as the system is, it's probably not going anywhere anytime soon, <a target="_blank" href="https://www.investopedia.com/terms/c/cash-flow-underwriting.asp">even though there are better alternatives out there</a>.There is this sense of existential dread around credit scores. A negative one can really drag people down. An impaired record makes loans more expensive, makes accessing certain financial products impossible, and may even put your next apartment or job out of reach. Klein, from the Brookings Institution, has recently been conducting focus groups with low-income consumers about their financial knowledge and concerns. He's been shocked at how much credit scores have come up."I was very surprised at the attention to detail folks of more modest income have on the impact of financial products and choices on their credit scores," he said. "The more I thought about it, the more I realized this focus is based on experience. At some point, their low credit score has negatively impacted their lives."Frederick Wherry, a Princeton sociologist who leads the Debt Collection Lab, an initiative focused on understanding debt collection, added: "As soon as we are asked about our credit scores, or in a moment when we can't get something we need or we get it at too high a price, that's when we realize that this thing has been hanging over our heads." It's unwise to bury your head in the sand, ignore your credit score, and hope for the best. But you don't need to obsess over it, let alone spend a bunch of money on it. If you're not in the market for a house or apartment or in need of a new loan, you can freeze your credit for free, meaning no fraudsters can take out a loan in your name. Under federal law, the bureaus have to give you one free credit report a year, and since the pandemic they've been letting people access their reports for free once a week. If you see something weird on your report, you can dispute it on your own. And you really do not need to be checking that much — once a month or once a quarter is fine, kind of like your 401(k)."If you have a credit score over 720 or 780, stop worrying. Don't be obsessed with getting an 800 or 820," Wu said. "This is not your SAT score."If you're in trouble, there are nonprofits out there that can help you figure out what to do, for little or no money."If you've got bad credit, if your credit score is low, where I'd start is with a nonprofit credit counselor," Pizor said.If you want to sign up for identity-theft protection or credit monitoring, fine. But those services aren't a fail-safe, so you'll want to walk in with your eyes wide open. The credit experts I spoke with were very wary about credit repair across the board. The next time you start to worry about your credit score, take a beat. Not to get too woo-woo here, but really, there's only so much you can control."I mean, the magic bullet is building a better system," Wu said.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

The best way to fix your credit score? Ignore it.

<ul><li>Credit performance improved across most product categories during the second quarter of 2023.</li><li>The overall CMI for the second quarter of 2023 remained the same as the previous year, at 100.</li><li>Small-ticket <keyword id="35520" type="General" weightage="20" keywordseo="personal-loans" source="Orion">personal loans</keyword> of less than Rs 50,000 accounted for 0.3% of the total retail loan book </li></ul> India's <keyword id="726657" type="General" weightage="20" keywordseo="retail-credit" source="Orion">retail credit</keyword> market has continued to experience sustained growth in the second quarter of 2023, driven by consumption-led demand for credit. The <keyword id="4053635" type="General" weightage="80" keywordseo="transunion-cibil" source="Orion">TransUnion CIBIL</keyword>’s Credit Market Indicator (CMI) report shows that credit supply, measured by originations, grew by 15% year-on-year compared to the same period in 2022. While portfolio performance remained stable for most products, there are signs of risk build-up in certain areas. The TransUnion CIBIL’s CMI report provides a comprehensive measure of changes in credit market health. The Managing Director and CEO of TransUnion CIBIL, Rajesh Kumar, says that the latest CMI report indicates financial stability with healthy <keyword id="12970010" type="General" weightage="20" keywordseo="retail-credit-growth" source="Orion">retail credit growth</keyword> and broadly stable delinquency levels. However, he also noted that there are pockets showing signs of risk build-up. India continues to offer enough room for growth in credit thanks to rising levels of financial inclusion and large number of consumers who are new-to-credit. The CMI report analyses changes in credit market health using four pillars: demand, supply, consumer behavior, and performance. The overall CMI for the second quarter of 2023 remained the same as the previous year, at 100. Credit supply continued its upward trajectory in Q2 2023, with originations of new accounts increasing year-over-year. Growth was particularly notable among semi-urban and rural consumers, as well as younger consumers aged 18-30. However, originations for new-to-credit consumers decreased by 4%, indicating an opportunity for accelerating financial inclusion. Overall, credit performance improved across most product categories during the second quarter of 2023. However, credit cards and personal loans experienced a slight decline in balance-level serious delinquencies. This suggests that consumers are generally managing their credit repayments responsibly. Delving deeper into the data, the report shows that the small-ticket personal loans of less than Rs 50,000 accounted for 0.3% of the total retail loan book at an industry level. While delinquencies on these loans have a marginal impact on the overall portfolio, they need to be closely monitored. Consumers may prioritise other payment obligations ahead of personal loan payments, which could be an indicator of wider financial stress. TransUnion CIBIL also highlighted the rapid increase in the adoption of small-ticket personal loans and its impact on the overall retail lending book. Since January 2022, these loans have accounted for approximately 25% of total origination volumes, with the proportion of credit active consumers availing them increasing from 3% in June 2019 to 8% in June 2023. Additionally, more consumers who availed small-ticket personal loans already had more than four credit products, indicating a marked leverage build-up. The analysis of early vintage delinquency trends showed an increase in Q4 2022 on consumption loan products compared to the same period in 2019. This highlights the need for lenders to closely monitor vintage delinquencies and implement strong underwriting processes and robust credit risk management practices. In conclusion, while India's retail credit market continues to show sustained growth, rising delinquencies on small-ticket personal loans and signs of risk build-up in certain areas call for increased vigilance from lenders. By closely monitoring consumer behavior and implementing effective risk management practices, lenders can nurture these opportunities for long-term profitable growth.

Retail credit continues to boom, but delinquencies need better monitoring, says TransUnion CIBIL

Markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> has issued new guidelines to streamline operations and enhance the ease of doing business for <keyword id="19908319" type="General" weightage="20" keywordseo="credit-rating-agencies" source="keywords">credit rating agencies</keyword>. The circular introduces specific timelines for dealing with appeals made by companies regarding rating actions carried out during periodic surveillance of ratings. These modifications will be applicable, with effect from August 01, 2024, the <keyword id="19901204" type="General" weightage="20" keywordseo="securities-and-exchange-board-of-india" source="keywords">Securities and Exchange Board of India</keyword> (Sebi) said in a circular on Thursday. "In order to promote ease of doing business and bring about uniformity in dealing with appeals, based on consultation with stakeholders, including CRAs (Credit Rating Agencies), it has been decided to provide specific timelines for dealing with appeals made by the issuer in respect of rating actions carried out pursuant to periodic surveillance of ratings," it added. The changes mandate that CRAs communicate ratings to companies within one working day of the rating committee meeting, with an outer limit set to ensure promptness. Further, companies will have three working days to request a review or appeal of the rating decision, and the dissemination of the press release on the CRA's website and intimation of the same to the stock exchange or debenture trustee must occur within 7 working days of the rating committee meeting. "CRAs shall continue to maintain records in respect of the said disclosures for a period of 10 years, which may be shared with debenture trustees upon request. "Further, disclosures in respect of the said aspects shall continue to be made available by the CRAs on their website under the issuer-specific press releases/ rating rationale section of the respective issuer, wherever applicable," the regulator said. Sebi has also outlined specific timelines for certain types of disclosures, such as a list of non-cooperative issuers that should be updated daily, ensuring that stakeholders are promptly informed about issuers who fail to cooperate with rating agencies. For disclosures regarding ratings that have not been accepted by issuers, CRAs are required to maintain this information for 12 months. To ensure compliance, the circular will be monitored through the half-yearly internal audit for credit rating agencies, as mandated under the CRA norms, Sebi said. The process aims to uphold <keyword id="20775670" type="General" weightage="20" keywordseo="investor-protection" source="keywords">investor protection</keyword> and foster the development and regulation of the securities market. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a><a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank">HP Envy x360 14 review – feature-packed laptop with a sleek design</a><a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-razr-50-ultra-flip-phone-launched-in-india-for-99999/slidelist/111504950.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-razr-50-ultra-flip-phone-launched-in-india-for-99999/slidelist/111504950.cms" target="_blank">Motorola Razr 50 Ultra flip phone launched in India for ₹99,999</a>

Sebi issues new guidelines to streamline operations of credit rating agencies

<ul class="summary-list"><li>Some economists predict a "soft landing" for the US economy despite some warning signs.</li><li>Positive labor market data and GDP growth support this, but job opportunities in some sectors are down.</li></ul>Some economists think the US is well on its way to achieving the much-anticipated "soft landing." But there are warning signs still pointing to economic struggles down the line.Barclays' Marc Giannoni, LinkedIn's Karin Kimbrough, and Charles Schwab's Liz Ann Sonders spoke at an NYU Stern Economic Outlook Forum earlier this month.Giannoni said Barclays expects "activity to gradually slow and employment to gradually moderate," with the unemployment rate moving up slightly and inflation falling. He added that the economic conditions may point to a perfect soft landing.There's plenty of evidence that the soft landing is on the way. Job growth continues to be strong. While the personal saving rate may be low, people are <a target="_blank" href="https://www.bea.gov/data/consumer-spending/main">spending,</a> and <a target="_blank" href="https://www.conference-board.org/topics/consumer-confidence">consumer confidence</a> has climbed. Amid <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-january-housing-food-energy-prices-2024-2">inflation</a> cooling and another <a target="_blank" href="https://www.businessinsider.com/did-federal-reserve-cut-interest-rates-continue-pause-inflation-recession-2024-1">interest-rate hike pause</a> in January, the Fed is cautiously optimistic about the future.But there are still signs of a possible downturn in the near future. Not all job data is positive, with job openings falling from their post-pandemic highs. There are still pain points in the economy, like a lack of strong housing inventory. Lower-income Americans are still struggling in today's economy despite seeing some <a target="_blank" href="https://home.treasury.gov/news/featured-stories/the-purchasing-power-of-american-households">growth in real earnings</a> and <a target="_blank" href="https://www.atlantafed.org/chcs/wage-growth-tracker">wage growth</a>.Below are some of the signs the economy is thriving, as well as some warning signs.<h2>Labor market data is mostly positive</h2>The labor market is still stable despite gradually slowing, Kimbrough said during the forum. The <a target="_blank" href="https://www.businessinsider.com/jobs-labor-market-unemployment-rate-wage-growth-january-economy-2024-2">US added more jobs than expected in January</a>, and the unemployment rate stayed at a low 3.7%.Additionally, real income increased nationwide after the pandemic-era stimulus measures in the <a target="_blank" href="https://www.businessinsider.com/cares-act-stimulus-checks-impact-saved-12million-poverty-boosted-economy-2020-7">CARES Act</a> and <a target="_blank" href="https://www.businessinsider.com/stimulus-biden-signs-trillion-covid-relief-package-checks-direct-payments-2021-3">American Rescue Plan Act</a>, which has made some households feel wealthier. Americans have been spending down that windfall lately — the personal saving rate is "very low," Giannoni said.Giannoni said the labor market "remains pretty tight" and added there is a "strong feedback loop" between the labor market and consumption habits.That is, firms add jobs, which means additional income for workers. Giannoni said "this income fuels consumption" and with the consumer buying various goods and services, consumers keep labor demand strong "so that firms keep adding jobs. As a result, firms are trying to produce more to meet the demand," although they might need to increase prices if they can't keep up with that demand.<h2>Americans are more confident</h2>With an index of 114.8 in January, The Conference Board <a target="_blank" href="https://www.conference-board.org/topics/consumer-confidence">Consumer Confidence Index</a>, which analyzes how consumers view factors such as business outlook and employment, was the highest reading since December 2021. Meanwhile, the University of Michigan's <a target="_blank" href="https://data.sca.isr.umich.edu/">Index of Consumer Sentiment</a>, which assesses factors surrounding current and future spending and saving, had a score of 79.0 in January, up nearly 22% from a year prior.While consumers are feeling confident, Giannoni said the US personal saving rate of 3.7% isn't sustainable long term.Giannoni added that over time, "I would expect consumption growth to be slightly lower than the income growth in order for the saving rate to gradually move back up to levels that have been seen as more sustainable over time. That, I think, creates some downside risk to — potentially — to demand as a whole."<h2>The Fed is optimistic but may wait to cut interest rates</h2>Long-awaited interest rate cuts might not happen in March as the economy remains strong and inflation stays higher than the Fed desires. <a target="_blank" href="https://www.businessinsider.com/first-fed-interest-rate-cut-outlook-inflation-bank-of-america-2024-2">Fed Chair Jerome Powell</a> said at the Federal Open Market Committee <a target="_blank" href="https://www.youtube.com/watch?v=eIcrvB5Rf9k">press conference</a> in January, "I don't think it's likely that the Committee will reach a level of confidence by the time of the March meeting to identify March as the time to do that" based on January's meeting.Powell said during the press conference that the Fed is looking for "greater confidence that inflation is moving sustainably down" to the Fed's 2% target."We want to see more good data. It's not that we're looking for better data," Powell said.<a target="_blank" href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-january-housing-food-energy-prices-2024-2">CPI data</a> released Tuesday showed the year-over-year percent change in January was 3.1%, which is lower than December's but not as substantial a cooldown as economists hoped to see.Given there are more data releases coming before the next FOMC meeting in March, NerdWallet's Elizabeth Renter said in Tuesday's commentary that this "doesn't mean <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-january-housing-food-energy-prices-2024-2">today's inflation numbers</a> don't matter, but rather that they're a single touchpoint in a catalog of recent-past and upcoming indicators.""The Fed is not trying to crush the job market; they're trying to sort of crush job openings without doing anything that leads to an accelerated move-up in unemployment," Sonders said. "I think they don't believe that they have made enough headway on that front."<a target="_blank" href="https://www.businessinsider.com/first-fed-interest-rate-cut-outlook-inflation-bank-of-america-2024-2">Many economists</a> said they expect the Fed to push back when they will drop rates, with some thinking it won't be until <a target="_blank" href="https://www.businessinsider.com/first-fed-interest-rate-cut-outlook-inflation-bank-of-america-2024-2">June</a>. Giannoni said in the forum rates may fall in May, followed by cuts at every other meeting after that in 2024, provided that inflation continues to come down and the economy gradually decelerates."They're not really looking for something to break — I think they're maybe looking for something to bend," Sonders said.<h2>But monthly job openings are falling</h2>Still, there might be some unfavorable signs for workers. Giannoni said there’s been "some moderation on the demand for labor on the part of firms."Sonders said <a target="_blank" href="https://www.businessinsider.com/layoffs-sweeping-us-these-are-companies-making-cuts-2024">layoff announcements</a> have been "quite a bit more top-down in nature than bottom-up" as is typically the case. These <a target="_blank" href="https://www.businessinsider.com/economy-layoffs-why-keep-hearing-about-tech-media-job-cuts-2024-1">layoffs</a> have targeted higher-income employees and managers, many of whom may have not rushed to the unemployment office due to severance packages or quickly finding another role, Sonders said.Regardless of who is <a target="_blank" href="https://www.businessinsider.com/how-get-job-this-year-network-resume-skills-certificates-unemployment-2024-1">looking for work</a>, they might not find as many opportunities as in recent years. The number of job openings per unemployed person was 1.4 in December, which is well above the historical average but below the highs seen in 2022.Giannoni said there's still higher demand in some sectors compared to before the pandemic. Health services, leisure and hospitality, and professional business services are some of the areas with demand, Giannoni added. The hiring pace has also slowed — Kimbrough said it’s about 10% slower than a year ago. Kimbrough said only about 10% of roles are remote, though "job seekers overwhelmingly apply to remote roles."Data suggests workers are increasingly transitioning between jobs, which suggests some degree of optimism, Kimbrough said. The economists said the unemployment rate could rise faster than many expect — such as to 5% or 6%, Kimbrough noted — due to sudden risks, though the data does not support any major shocks. <h2>Many lower-income Americans are still hurting</h2><a target="_blank" href="https://www.businessinsider.com/how-to-get-rich-wealthy-americans-inflation-climate-change-investments-2023-12">Household wealth</a> has also increased across many income levels, though high-income households saw particularly sizable increases.Despite that increase in net worth, lower-income quartiles are impacted more by inflation and high rates than higher-income Americans who may have bought a home decades ago. That has contributed to continuing distress about personal finances and the economy. Kimbrough said lower-income Americans have particularly relied on credit cards, hinting at some fragility.<h2>Housing inventory levels are low</h2>Sonders said homebuyers were smart for sticking to fixed-rate mortgages instead of adjustable rates. Still, there was a sharp fall in <a target="_blank" href="https://www.businessinsider.com/housing-market-outlook-home-sales-real-estate-mortgage-rates-buyers-2024-1">existing home sales</a> when mortgage rates increased from 3% to 7% in 2022, which caused home prices to fall briefly before rising again."If you had a 3% mortgage, there wasn't really much incentive to sell and then have to double your payment," Sonders said. "So it's sort of stuck the existing market, putting all the action in the new home market, which is only about 15% of the overall residential real estate market."Homebuyers aren't the only ones facing a shortage of options. New York City's rental inventory, for instance, is especially low. A recent <a target="_blank" href="https://www.nyc.gov/site/hpd/news/007-24/new-york-city-s-vacancy-rate-reaches-historic-low-1-4-percent-demanding-urgent-action-new#/0">press release</a> about the New York City Housing and Vacancy Survey noted that the vacancy rate was 1.4% in 2023. Nationwide, Giannoni said there is still a fairly low housing inventory and anticipates demand will continue to be strong for the next decade. Low housing inventory began prior to the pandemic, and then "people wanted more space and wanted more homes because of the pandemic," Giannoni said."I think this will be a growing part of the investment pie within GDP, maybe not very near term given all the uncertainties that we have been talking about, but I think there are interesting opportunities for investment in not just residential investment but business capital spending," Sonders said. "I think the investment side of our economy is going to start to chip away a little bit at the discretionary consumption weight in our economy."

3 signs the economy is thriving — and 3 red flags to monitor

<ul class="summary-list"><li>The federal government is paying attention to the growth of in-game video game currencies.</li><li>Financial services offer customer protections, but gaming services adopt a 'buyer beware' approach.</li></ul>There's tons of money <a target="_blank" href="https://www.businessinsider.com/fortnite-virtual-money-v-bucks-teens-want-for-holidays-2018-12">sitting around in the form of V-Bucks</a> and other online video game currency, and the Consumer Financial Protection Bureau is starting to notice.In-game video game currencies continue to grow in value, with financial services like payment processing, money transmission, and loans now entering the gaming world to leverage this new value, the CFBP <a target="_blank" href="https://www.consumerfinance.gov/data-research/research-reports/issue-spotlight-video-games/">said in a new report.</a>While banking and financial services typically give customers protections — such as recourse after an unauthorized transaction — gaming services usually "emphasize a buyer beware approach," the report says.Purchases made by kids on games like Fortnite and Roblox often show up on unsuspecting parents' bills at the end of the month. Georgina Munday <a target="_blank" href="https://www.bbc.com/news/uk-wales-65659896">told the BBC</a> her daughter spent nearly £2,500 playing Roblox on the family's iPad last year.Tesco Bank originally denied Munday's refund request but reversed course and apologized to Munday only after the BBC asked for comment, according to the report.In 2020, former NBA star turned ESPN analyst Kendrick Perkins announced that he was "cool on Fortnite" after learning that his children <a target="_blank" href="https://www.businessinsider.com/kendrick-perkins-says-his-kids-spent-16000-on-fortnite-2020-4">ran up a $16,000 credit card bill</a> on the game without his knowledge.Perkins said at the time that he partly blamed the game — which is free to play — for enticing his kids to spend real money on cosmetic items. Perkins said he had to dispute the charges on his credit card."I'm looking at the videogame, Fortnite, like they're tricking you," Perkins <a target="_blank" href="https://twitter.com/espn/status/1245113785439989762?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1245113785439989762%7Ctwgr%5Ed5858c22d486152840e2070830a6aac8bc1b3fb3%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Fkendrick-perkins-says-his-kids-spent-16000-on-fortnite-2020-4">said on ESPN</a>. "All of a sudden, they're saying, 'Oh, the game is free,' but you got to buy skins and do all this other crazy stuff."Along with the risk of losing your money with no recourse, the rise in value of gaming assets has caused an increase in reports of hacking attempts, <a target="_blank" href="https://www.businessinsider.com/scammers-fortnite-free-v-bucks-2018-10">account theft, and scams</a>, according to the Consumer Financial Protection Bureau."For several years, the most popular video games have included immersive virtual worlds that offer the storage and exchange of valuable assets," the report said. "Gaming companies have created digital marketplaces that facilitate the buying, selling, and trading of these assets with limited consumer protections, which has led to potentially harmful practices for players, including financial losses due to theft and scams."Epic Games, which makes Fortnite, says that <a target="_blank" href="https://www.epicgames.com/help/en-US/c-Category_EpicAccounts/c-EpicAccounts_ParentalControls/daily-spending-limits-for-players-under-13-a000085524">any child under 13 has a spending limit of $100 a day</a> on all games using the company's platform, with a parental control PIN needed to make any purchases exceeding the limit. However, the policy does not apply to purchases made with in-game currency, such as V-Bucks in Fortnite.Roblox also <a target="_blank" href="https://en.help.roblox.com/hc/en-us/articles/4409125091348-Monthly-Spend-Restrictions">offers parental controls</a> where parents can set monthly spending limits for children under 13. Players who exceed the monthly spending limit receive a popup and can make no more purchases for the month.

The government is now monitoring online stores in games like Roblox and Fortnite for their 'buyer beware' approach

<div type="image" title="RBI" agency="ANI" height="900" width="1200" msid="105464045" hostid="261" sizebytes="40796" caption="&amp;lt;p&amp;gt;RBI&amp;#39;s vigilance: New consumer credit norms to bolster India&amp;#39;s financial stability amidst surging loan growth&amp;lt;/p&amp;gt;"></div>In a proactive move aimed at mitigating potential systemic risks associated with the rapid growth of <keyword id="437168" type="General" weightage="20" keywordseo="consumer-credit" source="Orion">consumer credit</keyword>, the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) has implemented stringent measures, impacting both banks and non-bank financial institutions (NBFIs). <keyword id="125045" type="General" weightage="20" keywordseo="fitch-ratings" source="Orion">Fitch Ratings</keyword> has provided insights into the repercussions of these regulatory adjustments on the financial sector. The central focus of the regulatory adjustments is to mandate banks and NBFIs to allocate more capital against unsecured consumer credit. Fitch Ratings views these changes as a credit-positive effort by regulatory authorities to control emergent risks in consumer credit. Notably, the growth of unsecured credit card loans and personal loans by banks witnessed an impressive 29.9 per cent and 25.5 per cent year-on-year increase, respectively, in the first half of the financial year ending March 2024. This surge in consumer credit raised concerns, prompting the need for preventive measures. The increasing exposure to unsecured consumer credit considered a riskier <keyword id="6360217" type="General" weightage="20" keywordseo="loan" source="Orion">loan</keyword> category, signals a greater risk appetite among banks and NBFIs. This trend is attributed to the institutions seeking to protect net interest margins (NIMs) amid fierce competition for secured retail loans. The regulatory changes introduce higher risk weightings, aligning for both banks and NBFIs. While risk weightings for credit-card lending increase to 125 per cent (from 100 per cent previously) for NBFIs, banks maintain a higher 150 per cent. Microfinance is excluded from higher risk weights for NBFIs, distinguishing it from banks. Fitch Ratings estimates that the measures may lower the common equity Tier 1 (CET1) ratio of the banking system by around 30 basis points. The impact varies for Fitch-rated banks, ranging from 6 to 34 basis points, with a double-digit impact expected for private banks like State Bank of India (SBI) and Canara Bank. Private banks, with relatively better CET1 capitalization, are expected to maintain reasonable capitalization even after the changes. The measures, however, may not significantly lower banks' capital scores or standalone Viability Ratings (VRs), though SBI's VR headroom could narrow. Fitch-rated NBFIs, including Shriram Finance Limited, Muthoot Finance Ltd, IIFL Finance Limited, and Manappuram Finance Limited, witness an impact on capitalization ratios, loan growth, and future asset quality. However, the overall impact is expected to be limited, with these entities benefiting from reduced systemic risk. NBFIs may experience a rise in bank funding costs by 40 to 60 basis points. This assumes that banks pass on capital costs from higher risk weights on loans to NBFIs. Larger NBFIs are better positioned to negotiate favorable terms with banks, while lower-rated entities could face greater increases. Loans to housing finance companies and NBFIs eligible for priority sector classification are excluded from the adjustment, benefiting entities like Shriram due to their priority sector exposure. The regulatory changes aim to strike a balance between fostering consumer credit growth and preventing the buildup of systemic risks. The phased implementation of these measures underscores the regulators' commitment to maintaining financial stability while allowing financial institutions time to adapt to the new norms. As India's financial landscape undergoes these adjustments, stakeholders are closely monitoring the impact on lending practices, risk management, and overall economic resilience. (ANI)

RBI's vigilance: New consumer credit norms to bolster India's financial stability amidst surging loan growth

<ul><li>The <keyword id="18309173" type="General" weightage="100" keywordseo="Amazon-Great-Indian-Festival-2023" source="Orion">Amazon Great Indian Festival 2023</keyword> is now live for all users.</li><li>The sale brings huge discounts across various products, including computer accessories.</li><li>Here are some of the best deals on computer accessories on the Great Indian Festival on <keyword id="18635" type="General" weightage="80" keywordseo="amazon" source="Orion">Amazon</keyword>.</li></ul>Get ready for the ultimate tech shopping spree as the Amazon Great Indian Festival is now live for all users, unveiling a treasure trove of deals and discounts. From keyboards and headphones to wearables and fashion essentials, this sale has something for everyone. Having the right computer accessories can make all the difference in improving your productivity, gaming experience or creative pursuits. Whether you are looking for a high-performance gaming mouse or a powerful external hard drive, we have curated some of the best deals on computer accessories in this article, to ensure that you make informed decisions. So, read on to explore some of the best deals on computer accessories in the ongoing Amazon Great Indian Festival. The e-commerce giant is offering no cost EMI options, exchange offers and more on laptops during this sale. Business Insider India’s team of experts have been working round the clock to filter out the best deals across categories. You can jump straight to the category-specific deals from the quick links in the table below – <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Best deals </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.businessinsider.in/business/ecommerce/news/best-deals-on-samsung-and-apple-mobile-phones-in-amazon-great-indian-festival-2023/articleshow/104288381.cms">Best deals on smartphones</a> </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.businessinsider.in/business/ecommerce/news/amazon-great-indian-festival-2023-best-deals-on-budget-smartphones/articleshow/104318454.cms">Best deals on budget smartphones</a> </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 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0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.businessinsider.in/business/ecommerce/news/best-deals-on-kitchen-appliances-in-india-in-amazon-festival-sale-2023/articleshow/104402262.cms">Best deals on kitchen appliances</a> </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.businessinsider.in/business/ecommerce/news/best-deals-on-apple-iphone-watches-and-mac-in-amazon-sale/articleshow/104399007.cms">Best deals on Apple products</a> </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid 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0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.businessinsider.in/tech/gadgets/news/best-deals-on-gaming-laptops-in-india-in-amazon-festival-sale-2023/articleshow/104529271.cms">Best deals on gaming laptops</a>` </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.businessinsider.in/tech/news/amazon-great-indian-festival-2023-best-deals-on-gaming-accessories/articleshow/104653769.cms">Best deals on gaming accessories</a> </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><a href="https://www.businessinsider.in/tech/news/amazon-great-indian-festival-2023-best-deals-on-tablets/articleshow/104701147.cms">Best deals on tablets</a> </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> <cmsannotation type="cmsannotation" annotationid="Bank offer" comment="subhead" text="Bank offer">Bank offer</cmsannotation> In addition to the discounts offered by Amazon, you can avail an additional 10% instant discount on ICICI Bank, Bank of Baroda, IDFC First Bank debit card, credit cards and EMI transactions and Onecard credit card transactions. <cmsannotation type="cmsannotation" annotationid="Lenovo Legion Tower 5" comment="subhead" text="Lenovo Legion Tower 5">Lenovo Legion Tower 5</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B09NPPQZQY" comment="amazoncard" text="B09NPPQZQY">B09NPPQZQY</cmsannotation> If you are in the market for a pre-built set-up, the Lenovo Legion Tower 5 is an option worth considering. It comes with powerful hardware and a sleek design, ensuring both performance and good looks. It is equipped with the AMD Ryzen 7 5800 processor, coupled with 16GB RAM, a 512GB SSD and a 2TB HDD. The graphic duties are handled by the NVIDIA RTX 3070 graphics card. It is currently available for ₹99,990, down from its original price of ₹1,68,690. You can get an additional discount of up to ₹5,000 on SBI credit cards. <cmsannotation type="cmsannotation" annotationid="Logitech G29 Driving Force Racing Wheel and Floor Pedals" comment="subhead" text="Logitech G29 Driving Force Racing Wheel and Floor Pedals">Logitech G29 Driving Force Racing Wheel and Floor Pedals</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B013DYX7BS" comment="amazoncard" text="B013DYX7BS">B013DYX7BS</cmsannotation> If you are into racing games and are looking to take your gaming experience onto the next level, the Logitech G29 Driving Force Racing Wheel and Floor Pedals are something that you need to get for yourself. It is compatible with PlayStation 5, PS4 and PC and simulates the feeling of driving a real car. It is currently available for ₹29,989, down from its original price of ₹41,195. <cmsannotation type="cmsannotation" annotationid="LG Ultra Gear 32-inch gaming monitor" comment="subhead" text="LG Ultra Gear 32-inch gaming monitor">LG Ultra Gear 32-inch gaming monitor</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B09YDJ75SH" comment="amazoncard" text="B09YDJ75SH">B09YDJ75SH</cmsannotation> If you are in the market for a premium gaming monitor, the LG Ultra Gear 32-inch is the best option. It features a large 32-inch display with a 165Hz refresh rate, giving you an edge over your competitors in fast-paced action games. It comes with AMD FreeSync Premium support and has a 1 ms response time. The monitor comes with a stand that supports tilt, height, pivot adjustments. It is currently available for ₹22,999, down from its original price of ₹49,500. <cmsannotation type="cmsannotation" annotationid="Acer Nitro VG270 M3" comment="subhead" text="Acer Nitro VG270 M3">Acer Nitro VG270 M3</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B0CL52CNS4" comment="amazoncard" text="B0CL52CNS4">B0CL52CNS4</cmsannotation> If you are in the market for a feature-packed monitor at an affordable price, the Acer Nitro VG270 M3 27-inch gaming monitor is worth considering. It features a large 27-inch Full HDpanel with a 180Hz refresh rate. It delivers vibrant visuals and comes with stereo speakers, offering an immersive gaming experience. The monitor also comes with decent speakers, allowing you to use them without any headphone for casual use. The gaming monitor is available for ₹12,999, down from its original price of ₹17,499. <cmsannotation type="cmsannotation" annotationid="HyperX Cloud Stinger" comment="subhead" text="HyperX Cloud Stinger">HyperX Cloud Stinger</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B01LWN4BME" comment="amazoncard" text="B01LWN4BME">B01LWN4BME</cmsannotation> The HyperX Cloud Stinger is a good option if you are looking for premium gaming headphones. It comes with an all-black design and is equipped with comfortable earmuffs that allow you to play games for extended sessions without any discomfort. The headphone comes with DTS Headphone:X Spatial Audio support, offering an immersive audio experience. The headphone is currently available for ₹2,490, down from its original price of ₹6,097. <cmsannotation type="cmsannotation" annotationid="Logitech MK215 Wireless Keyboard and Mouse Combo" comment="subhead" text="Logitech MK215 Wireless Keyboard and Mouse Combo">Logitech MK215 Wireless Keyboard and Mouse Combo</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B012MQS060" comment="amazoncard" text="B012MQS060">B012MQS060</cmsannotation> The Logitech MK215 wireless keyboard and mouse is a popular combo that can be easily used at home or on the go. Both devices are compact and can be powered using two AAA batteries. While the keyboard offers a 2-year battery life, the mouse can last up to 5 months. The devices feature an ambidextrous design, allowing both left-handed and right-handed people to use them easily. The wireless keyboard and mouse combo from Logitech is currently available for ₹1,090, down from its original price of ₹1,945. <cmsannotation type="cmsannotation" annotationid="Logitech B170" comment="subhead" text="Logitech B170">Logitech B170</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B01J0XWYKQ" comment="amazoncard" text="B01J0XWYKQ">B01J0XWYKQ</cmsannotation> The Logitech B170 is one of the most popular wireless mouse in the market and is currently available at a great price during the Amazon Great Indian Festival. The B170 comes with a plug-and-play design and offers connectivity up to 10 metres. The mouse uses a single battery to run and offers up to 12 months of usage on a single battery. The Logitech B170 is currently available for ₹449, down from its original price of ₹895. <cmsannotation type="cmsannotation" annotationid="ASUS RT-AX82UAX5400 Gaming Router" comment="subhead" text="ASUS RT-AX82UAX5400 Gaming Router">ASUS RT-AX82UAX5400 Gaming Router</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B08XGH6S2L" comment="amazoncard" text="B08XGH6S2L">B08XGH6S2L</cmsannotation> If you are serious about your gaming experience and wish to get an edge over your competitors, we suggest you invest in a high-quality fast gaming router. This router from Asus comes with a low-latency mode and offers speeds of up to 5400 Mbps with WiFi 6 (802.11ax) support. It comes with the Asus Aura RGB lighting that will enhance the overall look of your setup. It is currently available for ₹16,599, down from its original price of ₹24,500. <cmsannotation type="cmsannotation" annotationid="Crucial X6 1TB Portable SSD" comment="subhead" text="Crucial X6 1TB Portable SSD">Crucial X6 1TB Portable SSD</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B08FSZT2J7" comment="amazoncard" text="B08FSZT2J7">B08FSZT2J7</cmsannotation> It is important to have a good portable SSD to store your important data or to move your data easily. The Crucial X6 1TB Portable SSD offers read speeds of up to 800 MBps and features a compact design, allowing you to store and carry it around easily. The SSD is shock and vibration-proof, so you don’t have to worry about losing your data even if you are clumsy. It comes with a three-year warranty. The SSD is currently available for ₹5,499, down from its original price of ₹10,000. <cmsannotation type="cmsannotation" annotationid="Zinq Five Fan Cooling Pad" comment="subhead" text="Zinq Five Fan Cooling Pad">Zinq Five Fan Cooling Pad</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B082FTPRSK" comment="amazoncard" text="B082FTPRSK">B082FTPRSK</cmsannotation> If you play games or work a lot on your laptop, it might be worth investing in a cooling pad, especially if you use it for extended durations which heats up your laptop. This Zinq cooling pad has five fans that cool down the laptop with minimal noise. It is currently available for ₹899, down from its original price of ₹1,999. Disclaimer - When you purchase through links on Business Insider India, we may earn affiliate commission.

Amazon Great Indian Festival 2023 – Best deals on computer accessories

<ul><li>A <keyword id="524374" type="General" weightage="20" keywordseo="credit-report" source="Orion">credit report</keyword> is a very important document that gives a complete picture of your financial behaviour and good score can benefit borrowers in many ways. </li><li>It is advisable to check your credit report regularly, and as a best practice to review it on a monthly basis. </li><li>In the event you spot errors in your credit report, please reach out immediately to the <keyword id="680685" type="General" weightage="20" keywordseo="credit-bureau" source="Orion">credit bureau</keyword> from where you have pulled your report, requesting for a correction. </li></ul>A <keyword id="6380214" type="General" weightage="20" keywordseo="credit-score" source="Orion">credit score</keyword> is an individual’s credit report card and it determines not only eligibility but also the rate of interest you pay. It helps the lender gauge whether you can repay it or not. Lenders check your credit score and your credit report before deciding anything. Oftentimes, a loan that has been closed can also reflect on the credit report and sometimes a dispute with a lender can also affect your credit score. Consumers should monitor their scores and rectify errors say financial experts. “The credit report is a very important document that gives a complete picture of your finances exactly as the lender sees it,” says Adhil Shetty, CEO, BankBazaar. <cmsannotation type="cmsannotation" annotationid="Why your credit report matters" comment="subhead" text="Why your credit report matters">Why your credit report matters</cmsannotation> The credit report is an indicator of your ability to manage your financial life. It tells the lender how disciplined you are in handling credit as well as indicates your ability to repay any credit you have availed. It also provides a clear picture of all your existing liabilities. “All this enables the lender to make an informed decision on whether or not to extend further credit to you, and the terms and conditions at which it should lend,” says Shetty. Your credit report contains the details of current and closed loan accounts; account opening and closing dates and account status; your payment history; your outstanding balance; all the account details listed, especially the payment history; credit enquires; and your lenders’ details among other things. “An <keyword id="6420079" type="General" weightage="20" keywordseo="error" source="Orion">error</keyword> in any of this data can have a big impact on your credit worthiness. Today, the credit score is directly linked to the interest rate,” says Shetty. If you have a good score, you can get the best rates in the market. However, if your score is poor, you may not be able to get a loan despite meeting all other eligibility criteria or be given a loan at a higher rate of interest. So it is essential that you check your credit report and your credit score on a regular basis. <cmsannotation type="cmsannotation" annotationid="How often should you check your credit report" comment="subhead" text="How often should you check your credit report">How often should you check your credit report</cmsannotation> In spite of due diligence done by banks and NBFCs, errors can creep into your credit report. Apart from errors related to personal details, other errors like days past due date, reporting of overdue amounts and so on can get reflected in your credit report and this would affect your credit score. “It is advisable to check your credit report regularly. A best practice is to review the reports on a monthly basis. This practice aids in identifying unusual activities or errors that might negatively affect your credit score,” says Sanjeet Dawar, managing director, CRIF High Mark, a RBI-licensed credit bureau. Keeping a close eye on your credit report can help you maintain a healthy financial profile. <cmsannotation type="cmsannotation" annotationid="How to correct errors if any" comment="subhead" text="How to correct errors if any">How to correct errors if any</cmsannotation> “In the event you spot errors in your credit report, please reach out to the credit bureau from where you have pulled your report immediately, requesting a correction. Raise a dispute with the credit bureau to initiate the process. It is also advisable to simultaneously connect with the lender in case of an error related to a specific credit line,” says Dawar. The credit bureau is not authorised to make any changes to the credit information report (CIR). “All disputes are sent to the reporting financial institution, which ascertains if the dispute is legitimate. The changes have to be authenticated by the concerned financial institution, following which, the credit report can be updated,” says Shetty. This process may take some time. “Once this is done, the bureau typically requires up to 30 days to resolve the issue. If the investigation confirms the error, you will then be provided with a revised report,” says Dawar. Make it a habit of checking your credit score on a regular basis, and if you find it has changed drastically, it is important to check your credit report and request for corrections if any.

Unhappy with your credit score? Here’s how you can check for errors and rectify

<ul class="summary-list"><li>Last year, the three major credit bureaus announced changes to medical debt reporting. </li><li>They started removing unpaid medical debts of $500 or less from credit reports.</li></ul>A year ago, the three major credit bureaus announced <a target="_blank" href="https://www.businessinsider.com/most-medical-debt-removed-credit-reports-experian-transunion-cfpb-wsj-2022-3">they would change how they report medical debt on credit reports</a>. The impact has been significant for millions of Americans.In March 2022, Experian, Equifax, and TransUnion <a target="_blank" href="https://www.businessinsider.com/most-medical-debt-removed-credit-reports-experian-transunion-cfpb-wsj-2022-3">announced</a> they would be erasing nearly 70% of medical debt from their customers' credit reports, along with removing unpaid medical debts of $500 or less. New unpaid debts would also not get added to credit reports for a full year after being sent to collections.The bureaus started implementing those changes in July 2022, and in August 2022, they also said medical debt in collections would <a target="_blank" href="https://www.vantagescore.com/press_releases/vantagescore-takes-steps-to-further-support-consumers-affected-by-medical-debt-collections/">no longer be used to calculate Vantage scores</a>, which is one of the most commonly used credit scoring models.Think tank Urban Institute released a <a target="_blank" href="https://www.urban.org/urban-wire/medical-debt-was-erased-credit-records-most-consumers-potentially-improving-many">report</a> last week analyzing the impact of the changes to medical debt collections. Based on credit bureau data, it estimated that more than 15 million consumers might have had their medical debt in collections erased in the past year.Additionally, the report said that since the changes went into effect, 27 million consumers "experienced a significant improvement in their Vantage scores." From August 2022 to August 2023, their average score rose from 585 to 615 points, while those without medical debt experienced almost no change in their credit scores.Still, the report noted that it "will also be important to monitor provider billing and collection practices in response to concerns that removing medical debt from credit reports could have unintended consequences, such as increased efforts among providers to obtain upfront payment before delivering care or reliance on other collection strategies."While the changes to medical debt reporting have eased the burden on many Americans, federal agencies and some lawmakers continue to be concerned about costly medical bills. The Consumer Financial Protection Bureau found last year that <a target="_blank" href="https://www.businessinsider.com/inaccurate-medical-bills-trap-americans-doom-loop-credit-reports-cfpb-2022-3">inaccurate bills were costing Americans $88 billion</a> in 2021 due to errors in hospital billing. The report said that "medical bills placed on credit reports can result in reduced access to credit, increased risk of bankruptcy, avoidance of medical care, and difficulty securing employment, even when the bill itself is inaccurate or erroneous."And Democratic lawmakers like Sen. Bernie Sanders have pushed for the cancellation of all medical debt following the credit bureaus' announcement to change how it reports the debt."'Medical debt' and 'Medical bankruptcy' are two phrases that should not exist in the United States of America," Sanders <a target="_blank" href="https://twitter.com/SenSanders/status/1506015958917431303?lang=en">wrote</a> on X, formerly Twitter, last year. "Removing 70% of past-due medical debt from credit reports is a step in the right direction, and much more needs to be done. We must cancel all medical debt."

Why credit scores for 27 million Americans are surging

<ul><li>India’s inflation outlook has changed in the last few months due to rising vegetable prices along with a few pulses and grains.</li><li>While MPC is expected to increase its inflation projections it might not rush into a rate hike in August, economists say.</li><li>While central banks of developed economies are still hiking interest rates, developed economies are actively decoupling. </li></ul>Even those who aren’t keeping a keen eye on inflation would have noticed the surge in food prices in the last few months and their effect on Indian household budgets. However, economists believe that in the upcoming August meeting, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>’s Monetary Policy Committee (MPC) is likely to keep base interest rates unchanged. In the last few months, there have been many inflation shocks, especially with regards to rising tomato prices along with that of a few pulses and grains. According to a report by Crisil, the cost of a vegetarian thali went up by 28% and non-vegetarian thalis went up by 11% in July, as compared to June. “Over the past month, surging food prices have changed India’s inflation outlook. While vegetable prices should eventually cool, pulse and cereal prices could prove stickier. We now expect headline inflation to rise to 6-6.5% in July/August, from 4.8% in June, before settling in a 5-6% range for the rest of FY24,” said Nomura. ‘Policy settings on hold’ Though prices are skyrocketing, most economists believe that the food inflation is transitory or seasonal. Moreso, core inflation has been steady and wholesale price inflation too has been cooling off, providing comfort. All these factors indicate that the MPC will keep interest rates paused like it did in the last two meetings. “We expect the MPC to keep the repo rate unchanged at 6.5% at the 10 August meeting, flagging resilient economic growth, and anchored underlying inflation as reasons to monitor incoming economic data, while keeping policy settings on hold,” said Rahul Bajoria, MD &amp; head of EM Asia (ex-China) economics at Barclays. The RBI may not want to hurry to cut rates, says Deepak Jasani, head of retail research at HDFC Securities. “Inflation could remain elevated in July and August and if the El Nino pattern plays out in the latter half of the monsoon, this era of high inflation could continue till the end of this calendar. Oil prices globally have also started to inch up. However, we do not expect the RBI to jump the gun and resume rate hikes in its August meeting,” he added. The MPC is also expected to maintain its status quo on its "withdrawal of accommodation" stance as well. However, economists do expect the RBI to alter its inflation projections for the year, while keeping growth projections intact. “There are no new major headwinds to growth projections. Stronger than expected momentum in domestic investments resulted in major international agencies like IMF revising up India's growth projections to 6.1% from 5.9% earlier this year. We expect RBI to maintain its growth projections at 6.5% for FY24,” said a report by CARE Edge. Mixed messages from global markets While most nations across the globe had started increasing interest rates around May last year to tackle the global inflation problem — they have been coming off it in a varied manner. The world’s largest economy, the US, seems to be in the midst of more interest rate hikes. The US Fed hiked its policy rate by 25 bps last month, and experts expect a few more going ahead. The Bank of England and European Central Bank are still hiking policy rates but a few central banks of emerging markets like China and Brazil have already started their rate-cutting journey. “Recent developments show early signs of a monetary policy decoupling globally influenced by different macroeconomic conditions,” says CARE Edge. India however can go either way as the RBI Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> has repeatedly said that it was a pause not a pivot in the earlier MPC meeting outcome. Most economists in India too had hoped for rate cuts in the <a href="https://www.businessinsider.in/finance/news/with-inflation-cooling-rbi-may-slash-interest-rates-by-50-bps-this-financial-year/articleshow/100531780.cms">second half of the current financial year</a>, but quickly tempered their hopes after the change in inflation dynamics. Along with a stable currency, large FPI inflows and narrowing trade deficit there are uncertainties like an erratic monsoon and El Nino conditions which may yet play out. In such a scenario, the Shaktikanta Das led panel will have to balance the growth momentum and yet stick to its mandated inflation watch. Tricky, to say the least. MPC decisions in 2023 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meeting </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Base rates </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">June meet </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rates kept unchanged </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April meet </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rates kept unchanged </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February meet </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rates hikes by 25 basis points to 6.5% </td></tr></tbody></table>

RBI MPC expected to ‘pause and watch’ how inflation plays out

<ul class="summary-list"><li>Criminals are sharing intelligence and security software through WhatsApp, Vice News said.</li><li>They are using a police database to hunt down their people in real time, according the the report.</li></ul><a target="_blank" href="https://www.businessinsider.com/mexican-cartels-getting-more-weapons-from-new-source-2022-2">Mexican cartels</a> are accessing an intelligence and security database used by government agencies to hunt down their victims in real time, sources <a target="_blank" href="https://www.vice.com/en/article/4a3pww/mexican-cartels-government-security-software-track-target-enemies">told Vice News</a>.The criminals can geolocate people through minute-to-minute location logs and obtain private information and documents through software called Titan, which is being shared on <a target="_blank" href="https://www.businessinsider.com/guides/tech/wxhat-is-whatsapp-guide">WhatsApp</a>, according to the report.Various Titan services are available for purchase from 10,000 Mexican pesos ($600) to 180,000 pesos ($9,000), Vice News reported. Buyers can get their own login or get an official user to fulfill requests.One source said police forces purchase licenses to use Titan, which are then resold on the <a target="_blank" href="https://www.businessinsider.com/everything-you-always-wanted-to-know-about-the-black-market-but-were-afraid-to-ask-2012-1">black market</a>."They sent me a payment method to acquire the licenses and then I re-sell them to whoever wants one," he said. "I know that some law enforcement agencies are also re-selling licenses or services to other cartel members, but that's on them."According to the investigation, personal information is obtained from a large database, and GPS technology is used to track cellphones.The Mexican voter ID database, "credit bureaus, bank statements, phone apps logs, emails, amongst many others," also make up the software, a source said.It is also possible to pay for criminal charges to be deleted from someone's ID on the platform or to have fake ones added on.Sources told Vice News that a "council" runs the sale of the services, consisting of criminals and Mexican state officials.One source told Vice News the software is Mexican, but "Israel worked on the backend."An Israeli cyber-intelligence firm known as NSO Group is also responsible for developing <a target="_blank" href="https://www.businessinsider.com/pegasus-nso-group-iphone-2016-8">Pegasus</a>, a spyware capable of turning cellphones essentially into mobile surveillance devices.The company advertises the software as a tool for law enforcement agencies to track down criminals. Still, many governments, including Mexico, Saudi Arabia, and Spain, are known to have utilized Pegasus to spy on <a target="_blank" href="https://www.businessinsider.com/apple-russia-journalists-pegasus-spyware-putin-ukraine-war-2023-9">reporters</a>, political opponents, or opposition groups, a <a target="_blank" href="https://www.washingtonpost.com/investigations/interactive/2021/nso-spyware-pegasus-cellphones/?itid=lk_inline_manual_3">Washington Post investigation</a> found.However, it is unclear who exactly is behind Titan, Vice News reported, as it doesn't offer any information on its platform login page and keeps changing its servers, presumably to prevent being tracked.Titan can provide a person's address, call log, criminal history, and credit information simply by entering a first and last name or phone number into the database, Vice News found."This is the easiest way to locate someone or to know about their relatives if they are hiding," an anonymous Jalisco New Generation Cartel member told the outlet.However, sources who spoke with Vice News said they believed the platform was used a lot more by criminals than it was by law enforcement to find missing persons in the country — <a target="_blank" href="https://apnews.com/article/mexico-missing-disappearances-united-nations-147b08e445c715fe0ee487a5b0787288">of which there are about 100,000</a>."It is impossible for them to find someone if we don't want him to be found," one source said.Mexican state governments did not immediately respond to a request by Business Insider for comment.

Mexican cartels are accessing a database used by the government to monitor their victims in real time: report

<ul><li>Between 2017 and 2022, the number of <keyword id="2501853" type="General" weightage="20" keywordseo="women-borrowers" source="Orion">women borrowers</keyword> grew at 15% CAGR, says CIBIL insights report. </li><li>Between 2017-22, the number of women seeking business loans grew 3x reflecting the growth in women-led startups. </li><li>By the end of 2022, the number of active women borrowers stood at 63 million. </li></ul>Thanks to self-monitoring and more financial discipline, women borrowers have a better credit risk profile than men. As many as 57% women borrowers had a credit score of prime and above compared to 51% of male borrowers in 2022, says a report by TransUnion CIBIL. A prime score refers to <keyword id="147901" type="General" weightage="20" keywordseo="credit-scores" source="Orion">credit scores</keyword> between 731 to 770, according to CIBIL. Between 2017 and 2022, the number of women borrowers grew at a compounded annual growth rate (CAGR) of 15%, while this number is at 11% for men. CIBIL also says that <keyword id="8141316" type="General" weightage="20" keywordseo="credit-access" source="Orion">credit access</keyword> for women has grown from 7% in 2017 to 14% in 2022. By the end of 2022, the number of credit active women borrowers – with an active line of credit — stood at 63 million. “The marked evolution of women borrowers as active participants in India’s <keyword id="1349609" type="General" weightage="20" keywordseo="credit-market" source="Orion">credit market</keyword> bodes well for the government’s <keyword id="107911" type="General" weightage="20" keywordseo="financial-inclusion" source="Orion">financial inclusion</keyword> mandates that intend to improve access to financial opportunities for traditionally underserved segments such as women,” said Harshala Chandorkar, COO of TransUnion CIBIL. The number of women who keep an eye on their credit scores is also growing. In 2022, over 8.2 million women accessed their CIBIL score and report – growing 44% over one year. “The increase in the number of women monitoring their CIBIL Score and report reflects improved financial awareness and credit consciousness. It also demonstrates that women are cognizant that credit discipline matters, and are taking proactive measures to continually improve their credit profile,” says Sujata Ahlawat, senior vice president and head – DTC Interactive, TransUnion CIBIL. After checking their CIBIL Score, 45% of them improved their credit profile. And 28% of them improved their score by over 20 points. What are women borrowing for? As per CIBIL’s annual retail credit insights survey, consumption-led credit products like personal loans and consumer durable loans are gaining popularity among women. “As more women borrowers enter the workforce and become financially independent, they are seeking credit opportunities to fulfil their life goals and aspirations,” the report said. There has also been a spurt in activity among women entrepreneurs seeking business loans. Between 2017-22, the number of women seeking business loans has more than tripled — a reflection of the growth in women-led startups. The share of women in over-all business loan portfolio too increased from 20% in 2017 to 32% in 2022. There has been an increase in the home loan segment too with a 6% growth. TransUnion’s latest study on new-to-credit (NTC) borrowers shows that the highest proportion of women borrowers availed agricultural loans and consumer durable loans as their first credit facility in 2022. The share of women borrowers among first-time credit seekers has increased from 32% in 2017 to 34% in 2022. Beyond the cities The rise in loan-seeking behaviour in women is not an urban phenomenon either. In fact, the growth has been higher in rural and semi-urban locations (18% CAGR), as compared to urban areas (14% CAGR). The overall share of women borrowers in semi-rural and rural locations has risen to 62%, marking an increase of 6% during the period. West Bengal, Rajasthan and Bihar saw the highest growth in women borrowers, as per the report. “Customised products for women borrowers across socio-economic categories, age-groups and geographic locations will further empower them to fulfil their aspirations and economic goals while catalysing steady portfolio growth for credit institutions,” said Chandorkar. As more women participate in the formal credit market, it expands the pie for credit institutions and drives financial inclusion and empowerment. SEE ALSO <a href="https://www.businessinsider.in/finance/news/women-are-shaping-new-real-estate-trends-like-preference-for-bigger-homes-anarock/articleshow/98446173.cms">Women are shaping new real estate trends like preference for bigger homes: Anarock</a>

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