MSME CREDIT HEALTH INDEX - TransUnion CIBIL...(CLIs) to TransUnion CIBIL. The Index looks at two...

MSME CREDIT HEALTH INDEXFIRST EDITION | OCTOBER 2020

CONTENTS

Quotes 02

Background 03

Methodology 04

Key Assumptions 05

Index Results 06

Additional Insights and Trends 11

FAQs 14

Annexure 15

TransUnion CIBIL is committed in providing insights and solutions

to support the economic revival of the country and with the launch

of the MSME Credit Health Index we further reassert our

commitment by introducing a reliable, objective and sharp indicator

of the strength, growth and stability of the MSME sector. The Index

is available at national level and granularly across MSME segments,

lender categories and geographies. The objective of the Index is to

support MSMEs, lenders and policy makers with an efficient tool to

monitor and benchmark the movement in the micro-ecosystems of

the MSME sector. The ongoing monitoring of the index will provide

insights for aligning strategies and policies towards efficient

implementation of funds and resources for sustained development

of the MSME sector and thereby the socio-economic growth.

MD and CEO ofTransUnion CIBIL

Shri Rajesh Kumar

The MSME sector comprises of over six crore enterprises,

contributes nearly 29% of India’s Gross Domestic Product (GDP)

and provides employment to over 11 crore workers. Being a vital

engine for growth, it is important to continuously monitor and

measure the strength, growth and progress of the MSMEs, so that

policies can be aligned and timely interventions taken. MoSPI is

happy to partner with TransUnion CIBIL to introduce the MSME

Credit Health Index as a new and alternate data source for use in

policy making for the MSME sector.

Dr. Kshatrapati Shivaji

Secretary Ministry of Statistics &

Programme Implementation

02

QUOTES

MSME Credit Health Index

03MSME Credit Health Index

BACKGROUNDTransUnion CIBIL has partnered with Ministry of Statistics & Programme Implementation (MoSPI) to build and publish quarterly MSME Credit Health Index to help measure growth and strength of the MSME sector.

Currently, various Government schemes exist to boost growth in the MSME sector. A recent example is the collateral free Emergency Credit Line Guarantee Scheme (ECLGS) announced in May 2020 to help small businesses tide over the COVID-19 pandemic crisis. However, there is a scope of further enhancing the information and insights available to policy makers, lenders and other stakeholders with regard to the overall progress of the sector and the areas where they need to focus their attention on. The MSME Credit Health Index is an attempt to provide data driven insights on MSMEs.

The MSME Credit Health Index is built using credit data as submitted by Credit Lending Institutions (CLIs) to TransUnion CIBIL. The Index looks at two critical aspects of the credit health of the MSME industry – Growth and Strength. Growth is measured by increase in exposure value over time, and strength is measured by decreasing risk in terms of Non-Performing Assets (NPA). March 2018 has been taken as a fixed benchmark to compute the Index values.

The MSME Credit Health Index will provide the Government, policy makers, lenders and other stakeholders, insights and analysis on various aspects of health of the MSME industry, thus enabling them to make better policy and business decisions with respect to MSME lending. The ease of access of such comprehensive information with a single MSME Credit Health Index will facilitate better risk management and inclusion of MSMEs in Indian banking and financial system. The Index will also help to educate general public about the credit health of MSME sector and thereby instill confidence.

METHODOLOGY

MSME CreditHealth Index -

Growth

MSME CreditHealth Index -

Strength

Total Exposure NPA %

MSME Size

Lender Category

State

04

• Two separate indices are computed measuring Growth and Strength for MSME sector.

• Entire MSME industry data starting March 2018 to June 2020 has been considered for computation of the index.

• Growth is measured by total exposure (outstanding balances) and Strength is measured by NPA % i.e. balances in 90 or more days past due.

• Both the growth and strength index follow the principle of higher the better – an increasing Growth Index indicates improvement in credit growth; and an increasing Strength Index implies better asset quality.

• March 2018 has been taken as a fixed benchmark for computing the index and sub-index.

• Metric values are scaled using a base of 100.

• The index values will be available at an overall MSME level, by size of MSMEs, by lender category and by State.

• Sub-indices are calibrated separately with their own benchmarks. Eg: for Micro Segment Index, the base will be all Micro MSMEs and will allow comparison across time and geography

• The index will be refreshed every quarter.

Additionally, the following considerations will be explored further and may be incorporated in future versions of the Index:

• Incorporating multiple metrics into each index to capture different aspects of Growth and Strength respectively

• Seasonality adjustments

• Different industries’ aspects within MSMEs

MSME Credit Health Index MSME Credit Health Index

Data Source: Latest data submitted by CLIs to TransUnion CIBIL.

MSME Definition: As per the MSMED Act, MSMEs are defined basis investment in plant and machinery or equipment (INV) and annual turnover (TO) as follows:

The above definition has been translated into a definition involving credit exposure as per the following analysis:

To compare the correlation between the turnover and debt of any entity, sample of entities were selected from CMIE-Prowess IQ database. Data on total turnover and total borrowings for the period of December 2018 was gathered for this sample of entities. Total borrowings included borrowing from banks, financial institutions, and other borrowings - secured and unsecured borrowing.

It was observed that from the sample of 2,296 borrowers falling in the turnover bucket u p to INR 250 crores, 96% of entities also fell under MSME segment with aggregate exposure up to INR 50 crores. Study also suggests that Median of total borrowings across Micro, Small and Medium segment is INR 24 lakhs, INR 3.96 crores and INR 19.03 crores respectively. Hence, it seen that the median of total debt for all the MSME entity segments are within the range of MEMEs defined based on aggregate credit exposure/total borrowing as given below:

Micro: Exposure up to INR 1 Crore

Small: Exposure between INR 1 Crore and INR 10 Crores

Medium: Exposure between INR 10 Crores and INR 50 Crores

Given the constraints around availability of turnover data in the bureau and based on the findings mentioned above, it was reasonably concluded that exposure may be effectively used to classify MSME borrowers. Accordingly, the above definition of MSME in terms of credit exposure has been used for the development of this Index.

KEY ASSUMPTIONS

05

Micro INV

06

Overall Index

MSME credit growth which had remained muted in 2019, slipped down in June 2020 consequent to containment measures implemented by the Government to curb the spread of COVID-19.

MSME sector has seen increased level of NPAs in the last two years consequent to a slower economic growth. Cash flows of MSMEs have got impacted over a period of time thereby limiting their ability to service debts. This has resulted in Strength Index reflecting a decreasing trend. The improvements seen in March are due to improved recovery and collection efforts by lenders before the close of financial

INDEX RESULTS


80Base

100 100

104107

111109 110

111108

103

Inde

x V

alue

Growth Index

Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20

90

100

110

120

100

92 92 91

97

89

86 86 86

90

Strength Index

Base Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-2080

Inde

x V

alue

90

100

110

07

Index by MSME Size

At a sub-segment level, the momentum of growth has been the highest for the Micro segment. Most of the digital lending innovation has taken place in the micro loan segment. Lenders have adopted an analytic driven underwriting approach supported by alternate data in this segment that has propelled its growth. On the other hand, Medium enterprises continue to be evaluated in a more traditional way. Further, the concentration risk being higher in Medium segment because of loan size being large, this segment has become less attractive for lenders in general.

A look at Strength Index by MSME size reveals that the Index values across all segments have reached the same level in June 2020, while following a different trajectory in the last two years. In the pre COVID-19 quarter of December 2019, the strength was the lowest for Medium Segment. However, a much increased focus on recoveries before the end of financial year resulted in the strength of Medium segment improving significantly for the March 2020 quarter.


Growth Index by MSME Size


Inde

x V

alue

90

100

110

120

130

Micro

Small

Medium

80Base

Strength Index by MSME Size


90

100

110

Micro

Small

Medium

Inde

x V

alue

08

Index by Lender Category

At a lender category level NBFCs and Private banks have shown a better growth momentum. Private banks have contributed to over 50% of incremental credit to MSME sector in the last two years. NBFCs were the fastest growing category in 2018. The liquidity crisis towards the end of 2018 limited the ability of NBFCs to extend credit. As a consequence, NBFC credit growth slowed down in 2019. PSU banks have seen a muted credit growth in the last two years.

At a sub-segment level, NBFCs have shown a substantially high growth momentum in the Micro segment. The strategy of NBFCs has been on acquiring low value and granular loans. Private banks have also gradually shifted their focus on small value loans to build a diversified MSME portfolio.

These changing lending dynamics have resulted in shift in market share across different lender categories. PSU banks have lost market share across all sub-segments. Private banks have gained significant market share especially in the small and medium segment. Market share of NBFCs has doubled in the Micro segment between June 2016 and June 2020.


Growth Index by Lender Category


90

80

100

110

120

130

140

NBFC

PVT

PSU

Inde

x Va

lue

June 2020 Growth Index by MSME Size and Lender Category

PSU PVT NBFC0

50

100

150

200

250

Inde

x V

alue

103127

191

11499

1149997 89

Micro Small Medium

Micro Segment Portfolio Distribution byLender Category

Jun-16 Jun-17 Jun-18 Jun-19 Jun-200%

20%

40%

60%

80%

100%

% o

f Ex

posu

re

71%

23%

6%

70%

24%

6%

66%

26%

8%

63%

28%

10%

60%

28%

12%

PSU

PVT

NBFC

09

The Strength Index by lender category reflects a relatively faster decline for Private banks driven by few players experiencing higher stress in their portfolio compared to others. However, it is also pertinent to note that the NPA rates of Private banks, despite showing an accelerated increase, continue to be at much lower level compared to PSU banks and NBFCs.

NBFCs have seen a faster decline in strength in 2019. The reasons are two-fold. First, NBFCs saw a muted credit growth in 2019, thereby impacting the base levels. Second, NBFCs have generally on-boarded relatively riskier MSME customers. As MSMEs started facing financial constraints owing to overall economic slowdown, the NBFC portfolio was impacted immediately.


Small Segment Portfolio Distribution byLender Category


20%

40%

60%

80%

100%

% o

f Ex

posu

re

PSU

PVT

NBFC

60%

31%

9% 9%

57%

34%

51%

38%

10%

48%

41%

11% 11%

47%

42%

Medium Segment Portfolio Distribution byLender Category


20%

40%

60%

80%

100%

% o

f Ex

posu

re

PSU

PVT

NBFC

63%

29%

9% 9%

58%

33%

53%

37%

10%

49%

40%

11% 11%

50%

39%

50

60

70

80

90

100

110

120

Base

Strength Index by Lender Category


Inde

x Va

lue

NBFC

PVT

PSU

10

Implementation of an analytics driven risk management framework by Private banks and NBFCS mainly in the Micro loan segment has enabled them to maintain a better portfolio quality. These lenders have adopted scorecard based models, rule based assessment and conduct based renewal programs as part of their underwriting and monitoring strategy.

At a sub-segment level, strength of Medium segment is higher for PSU banks.

Index by State

Among states with substantial MSME portfolio (more than 4% share in total MSME exposure), it is observed that Tamil Nadu, Uttar Pradesh and Rajasthan have shown higher growth momentum. The state of Tamil Nadu also reflects relatively better strength. Details on Index at State level are given in Annexure.


0%

5%

10%

15%

20%

NPA Rate by Lender CategoryM

ar-1

8

Jun

-18

Sep

-18

Dec

-18

Mar

-19

Jun

-19

Sep

-19

Dec

-19

Mar

-20

Jun

-20

% B

alan

ces

in N

PA

PSU PVTNBFC

June 2020 Strength Index by MSME Size and Lender Category

PSU PVT NBFC0

20

40

60

80

100

Inde

x V

alue

81

64

85

55 575549

85 87

Micro Small Medium

Tamil Nadu Uttar Pradesh Rajasthan

Growth Strength Growth Strength StrengthGrowth

100 100 100 100 100 100

90 101 101 91

107 83 105 97 105 90

111 82 108 90 107 77

116 86 113 100 112 89

114 80 112 90 111 76

115 77 112 88 112 73

115 76 113 91 114 72

110 96 112 88 112 69

Period

Base

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20 107 92 107 84 107 63

101 94

11

Impact of Emergency Credit Line Guarantee Scheme (ECLGS)

The Government of India launched ECLGS scheme under the “Atmanirbhar Bharat Abhiyan” to boost resurgence of MSME sector. The impact of ECLGS on MSME lending is clearly visible. The number of loan originations have accelerated in June 2020 due to deployment of funds under this scheme. This is most likely to have a positive impact on the Growth Index in near future.

PSU banks were the first ones to react to the scheme and seem to be aggressively extending credit under the ECLGS scheme.

ADDITIONAL INSIGHTS AND TRENDS


Loans Sanctioned Volume

Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20

# L

oans

(’0

00

)

0

100

200

300

400

500

600

700

800

Apr

-19

May

-19

Jun-

19

Jul-

19

Aug

-19

Sep

-19

Oct

-19

Nov

-19

Dec

-19

Jan-

20

Feb-

20

Mar

-20

Apr

-20

May

-20

Jun-

20

0

100

200

300

400

500

600

700

800

# L

oans

(’0

00

)

PSU

PVT

NBFC

Loans Sanctioned Volume by Lender Type

12

When analyzed by segment, Micro enterprises are the larger beneficiaries of this scheme with their loan sanction volume increasing to four times compared to average loan sanction volume during pre-COVID.

A geography level analyses reveals that credit off-take under ECLGS scheme is better in the states of Uttar Pradesh, Tamil Nadu and Maharashtra.


Micro Small Medium0

100

200

300

400

500

600

700

# L

oans

(’0

00

)

Loans Sanctioned Volume by MSME Size

160

640

3976

19 15

Average (Sep-19 to Feb-20) Jun-20

0

20

40

60

80

100

0

5%

10%

15%

20%

25%

# L

oans

(’0

00

)

Utt

ar P

rade

sh

Tam

il N

adu

Mah

aras

htra

Ker

ala

Kar

nata

ka

Raj

asth

an

Wea

t B

enga

l

And

hra

Pra

desh

Guj

arat

Pun

jab

% of B

orrowers as on M

ar-20

June 2020 Loans Sanctioned by State (Top 10)

Loans Sanctioned Penertration %

13

MSME vis-à-vis Corporate LendingA related question that usually comes up when looking at MSME sector is the performance of this sector when compared with corporate lending book. Using the same methodology described above, we computed the Growth Index for corporate lending.

The growth trajectory for corporate lending has been better than that for MSME credit. However, corporate lending shows a steeper drop in growth between March 2020 and June 2020 compared to MSME portfolio.

When analyzed for asset quality, MSME NPA levels have been consistently lower than corporate NPA levels throughout the last two years.


Growth IndexMSME

Inde

x Va

lues

Corporate130

120

110

100

90Base Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20

NPA RateMSME

% B

alan

ces

in N

PA

Corporate20%

15%

10%

5%

0%Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20

14

FAQs

1. Does the index include all MSMEs in India?

The MSME Credit Health Index has been built using credit data as submitted by lending institutions to TransUnion CIBIL. Hence, it includes MSMEs who have availed of formal credit. As of June 2020, it includes data of close to 60 lakh MSMEs who have availed formal credit from any lending institution.

2. Are all industries represented in the Index?

The data considered for this index captures the universe of MSMEs who have availed formal credit from any lending institution. Therefore, the Index has a good representation across all industries. However, no analysis or sampling has been done to align the representation of any particular industry in credit data to that of overall MSME industry.

3. How was the benchmark selected?

March 2018 is selected as base to reflect a period that is “Normal” and as a data point that is closer to the beginning of the series.

4. Can state level sub-indices be compared to each other?

Each sub-index, e.g. for each state and for each size of MSME have their own benchmarks. Hence, they cannot be compared against each other. E.g. Uttar Pradesh Growth Index may not be directly comparable to Gujarat Growth Index. However, the growth momentum or change in strength as compared to the benchmark may be comparable.

5. How will this Index be relevant in the current scenario?

MSME credit had been going through a tough time even pre-COVID, but various government schemes like ECLGS have set the stage to boost MSME sector. The MSME Credit Health Index will be one such tool which will enable policy makers and market participants to better understand the growth and strength of the sector from a lending perspective and hence equip them to make better decisions.

6. What are the enhancements expected in this Index in the future?

Going forward, there will be further studies done to make the Index more robust and to build more sub-indices across other dimensions like Industry of the MSME as an example.

7. At what frequency will the Index values be computed?

The Index values will be computed at a quarterly interval. Along with publishing the Index for the latest quarter, revision will be done for the last version of the Index (previous quarter) as well, in case there is updated information pertaining to the said quarter available in the bureau.

8. Does the Index consider only new credit offtake or total exposure?

The current version of the Index uses total exposure or outstanding balance of MSMEs at the point in time. New credit offtake was not included given the current reporting format followed by lending institutions.

9. Do the June 2020 Index values factor for moratorium availed by MSMEs?

TransUnion CIBIL DOES NOT get information on moratorium availed by borrowers from CLIs. The index values for June 2020 are derived basis outstanding balances and performance history as reported by CLIs.


ANNEXUREGrowth and Strength Index by State

15

State Base Jun-18 Sep-18

Dec-18

Mar -19

Jun -19

Sep-19

Dec-19

Mar -20

Jun-20

Andaman & Nicobar Islands

100 103 106 113 119 126 126 127 124 128 100 102 151 149 172 143 154 180 150 164

Andhra Pradesh 100 102 104 110 117 116 115 115 115 111 100 89 91 94 101 92 86 84 79 83

Arunachal Pradesh

100 101 104 106 111 104 106 110 100 98 100 94 97 96 89 85 93 94 125 134

Assam 100 99 102 103 107 106 107 107 103 99 100 93 92 95 103 101 97 94 115 116

Bihar 100 101 106 110 115 113 114 118 119 116 100 95 96 94 114 98 97 106 107 106

Chandigarh 100 98 100 102 105 103 102 101 98 93 100 93 96 94 94 87 92 89 95 89

Chattisgarh 100 99 103 111 117 113 112 118 120 114 100 91 83 84 92 81 73 75 75 71

Dadra & Nagar Haveli

100 100 106 106 107 104 105 102 100 92 100 97 96 90 104 102 104 87 75 73

Daman & Diu 100 98 104 106 112 113 112 116 106 101 100 96 100 88 97 90 78 83 78 78

Delhi 100 99 103 104 107 104 106 107 103 96 100 94 96 97 98 90 88 88 84 78

Goa 100 100 101 102 103 100 100 98 90 87 100 90 102 100 117 109 112 112 106 96

Gujarat 100 102 108 110 114 114 113 116 111 105 100 96 95 94 96 90 85 87 88 84

Haryana 100 100 104 106 110 107 109 110 108 103 100 96 100 99 108 96 91 95 91 83

Himachal Pradesh

100 102 105 105 105 105 107 104 104 102 100 97 97 82 92 93 94 99 93 96

Jammu & Kashmir

100 103 109 112 116 121 122 121 121 118 100 101 104 103 99 104 74 63 61 61

Jharkhand 100 99 105 106 110 107 108 110 110 107 100 94 98 98 114 107 105 114 113 108

Karnataka 100 101 103 107 111 110 109 110 106 103 100 90 88 85 90 82 79 79 76 74

Growth Index Strength Index


16

State Base Jun-18 Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Kerala 100 102 106 109 114 111 113 112 109 107 100 89 83 85 92 82 80 79 78 74

Lakshadweep 100 95 118 164 162 150 170 121 92 98 100 21 118 55 162 100 113 243 184 196

Madhya Pradesh 100 100 102 107 112 110 109 113 112 107 100 89 87 84 90 80 76 78 77 74

Maharashtra 100 100 104 106 109 107 107 109 103 96 100 90 90 90 96 89 84 82 82 78

Manipur 100 100 104 103 114 115 114 116 105 103 100 89 84 96 100 87 87 96 102 106

Meghalaya 100 102 103 101 107 104 102 102 87 87 100 98 103 102 104 93 96 97 145 149

Mizoram 100 107 114 102 105 105 102 99 91 89 100 101 75 94 108 106 105 103 121 111

Nagaland 100 100 99 101 107 105 108 107 105 100 100 95 92 92 95 87 89 83 90 83

Odisha 100 100 103 106 112 111 111 114 115 111 100 95 98 99 109 103 102 106 105 104

Pondicherry 100 99 101 104 112 109 111 111 107 105 100 90 90 97 99 93 92 88 101 91

Punjab 100 99 103 102 105 102 104 103 101 96 100 94 95 94 97 90 88 87 86 81

Rajasthan 100 101 105 107 112 111 112 114 112 107 100 91 90 77 89 76 73 72 69 63

Sikkim 100 102 115 113 119 117 112 103 99 99 100 104 76 74 85 86 85 73 75 70

Tamil Nadu 100 101 107 111 116 114 115 115 110 107 100 90 83 82 86 80 77 76 96 92

Telangana 100 103 105 108 112 111 110 114 110 104 100 96 96 95 105 97 97 99 97 99

Tripura 100 100 103 103 106 103 107 105 105 101 100 93 93 90 96 81 86 86 92 87

U�ar Pradesh 100 101 105 108 113 112 112 113 112 107 100 94 97 90 100 90 88 91 88 84

U�arakhand 100 105 110 113 114 114 116 118 116 113 100 99 100 83 98 98 98 101 90 85

West Bengal 100 99 104 104 108 106 107 108 106 100 100 94 97 97 102 95 92 92 101 97


CONTACT DETAILS

TransUnion CIBIL Contacts

Abhay Kelkar – Vice President, Research & Consulting

[email protected]

Smeeta Basak – Joint Vice President, Head of Data Science and Analytics

[email protected]

Vipul Mahajan - Joint Vice President & Market Planner for Commercial Bureau Business

[email protected]

MoSPI Contacts

Dilip Kumar Sinha - Deputy Director General,

National Accounts Division,

National Statistical Office,

Ministry of Statistics and Programme Implementation,

[email protected]

17MSME Credit Health Index

18

About TransUnion CIBIL

India’s pioneer information and insights company, TransUnion CIBIL makes trust possible in the modern

economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely

represented in the marketplace. As a result, businesses and consumers can transact with confidence and

achieve great things. We call this Information for Good.® TransUnion CIBIL provides solutions that help

create economic opportunity, great experiences and personal empowerment for millions of people in India.

We serve the financial sector as well as MSMEs, corporate and individual consumers. Our customers in India

include banks, financial institutions, NBFCs, housing finance companies, microfinance companies and

insurance firms.

For more information visit: www.transunioncibil.com

The MSME Credit Health Index Report is prepared by TransUnion CIBIL Limited (TU CIBIL). By accessing and

using the Report the user acknowledges and accepts such use is subject to this disclaimer. This Report is

based on collation of information, substantially, provided by credit institutions who are members with TU

CIBIL. While TU CIBIL takes reasonable care in preparing the Report, TU CIBIL shall not be responsible for

errors and/or omissions caused by inaccurate or inadequate information submitted to it by credit institutions.

Further, TU CIBIL does not guarantee the adequacy or completeness of the information in the Report and/or

its suitability for any specific purpose nor is TU CIBIL responsible for any access or reliance on the Report and

that TU CIBIL expressly disclaims all such liability. This Report is not a recommendation for rejection / denial

or acceptance of any application nor any recommendation by TU CIBIL to (i) lend or not to lend; (ii) enter into

or not to enter into any financial transaction with the concerned individual/entity. The Information contained

in the Report does not constitute advice and the user should carry out all the necessary analysis that is

prudent in its opinion before making any decisions based on the Information contained in this Report. The use

of the Report is governed by the provisions of the Credit Information Companies (Regulation) Act, 2005, the

Credit Information Companies Regulations, 2006, Credit Information Companies Rules, 2006. No part of the

Report should be copied, circulated, published without prior approvals.

© 2020 TransUnion CIBIL Limited All Rights Reserved TransUnion CIBIL Limited 19th Floor, Tower 2, One Indiabulls Centre,Senapati Bapat Marg,Elphinstone Road, Maharashtra 400013.


MSME CREDIT HEALTH INDEXFIRST EDITION | OCTOBER 2020

MSME CREDIT HEALTH INDEX - TransUnion CIBIL...(CLIs) to TransUnion CIBIL. The Index looks at two...

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