From the vantage point of his small Mumbai jewellery and pawnbroking shop, Raju Soni has gained a special insight into the state of India’s credit market over the past six months.

Low earners, who only months ago were being courted aggressively by ­private banks and finance companies, have begun returning to him for small loans. That, Mr Soni says, means “they are not getting the easy loans which they used to get before”.