RBI Data Shows NBFC Credit Growth Rose to 15.4 Per Cent in September 2026
On November 6, 2026, the Reserve Bank of India published data showing that total credit given by non-banking financial companies grew by 15.4 per cent year-on-year in September 2026. This is up from a 13.3 per cent growth rate reported in September 2025. Non-banking financial companies, along with housing finance companies, provide loans to individuals and businesses outside traditional commercial banking. For everyday consumers and small business owners, this data indicates where non-bank lenders are putting their money. Retail borrowing expanded sharply to 21.9 per cent year-on-year growth, driven by higher demand for housing loans, gold loans, and vehicle financing. Meanwhile, credit growth for agriculture jumped to 17.8 per cent compared to 5.2 per cent a year earlier. Industrial sector lending slowed down to 7.4 per cent growth, down from 10.2 per cent in September 2025, with infrastructure credit remaining weak.
What was announced
The Reserve Bank of India released its monthly figures on sectoral credit deployment by non-banking financial companies (NBFCs) and housing finance companies (HFCs) for September 2026. The data shows overall credit growth reached 15.4 per cent year-on-year, compared to 13.3 per cent in September 2025.
The release broke down lending trends across key sectors:
- Agriculture and allied activities grew by 17.8 per cent year-on-year, up from 5.2 per cent a year prior.
- Retail loans grew by 21.9 per cent year-on-year, up from 16.8 per cent a year ago. Housing loans, vehicle loans, and loans against gold jewellery led this increase.
- Services sector lending growth moderated to 17.3 per cent from 23.0 per cent a year earlier, though trade, transport operators, and commercial real estate maintained higher growth.
- Industry sector lending growth dropped to 7.4 per cent from 10.2 per cent in September 2025, with infrastructure credit remaining subdued.
What it means
Non-banking financial companies and housing finance institutions are major suppliers of consumer credit and business loans in India. The Reserve Bank of India tracks these numbers using a sample of upper-layer and middle-layer NBFCs and HFCs. This sample covers roughly 87 per cent of total credit reported in its annual trend and progress report.
The figures show that non-bank credit expansion accelerated overall, pushed largely by retail borrowing and agricultural loans. Individual borrowers took on more debt for housing, vehicles, and against gold jewellery than they did in the previous year. Conversely, industrial borrowers saw slower credit growth from these lenders, particularly for infrastructure projects.
What the announcement does not tell us
The Reserve Bank of India provided summary percentage growth figures, but the announcement does not report total loan amounts in rupee values. It does not explain the specific reasons why industrial lending and infrastructure credit growth slowed down.
The release also does not detail interest rates charged by NBFCs, default rates, or non-performing asset levels across these sectors. Additionally, the announcement does not state how individual lenders performed or provide regional breakdowns of credit deployment.
How this was written
This analysis was written with AI from the official announcement below, using only facts that announcement states. The quoted wording is Reserve Bank of India Press Releases’s own. Always check the original before acting on anything here.
Data on sectoral deployment of credit by non-banking financial companies (NBFCs) for the month of September 2026, collected from major NBFCs and housing finance companies (HFCs), are set out in the Statement 1 . On a year-on-year (y-o-y) basis, NBFCs’ credit registered a growth of 15.4 per cent in September 2026 as compared to 13.3 per cent a year ago. Highlights of the sectoral deployment of credit by NBFCs for the month ended September 30, 2026, are given below: Credit to agriculture and allied activities recorded a robust growth of 17.8 per cent (y-o-y) in September 2026 as against 5.2 per
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