NBFCs registered higher credit growth of 15.4% in Sept 2026: RBI data

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NBFCs’ credit growth in September 2026 is a shade lower than 15.8 per cent in August 2026

By BL Mumbai Bureau

Updated - November 06, 2026 at 06:10 PM.

Retail loan growth accelerated to 21.9 per cent yoy in September 2026 compared to 16.8 per cent a year ago

Non-banking financial companies (NBFCs) registered a higher credit growth of 15.4 per cent year-on-year (yoy) in September 2026 as compared to 13.3 per cent a year ago on the back of robust growth in credit to the agriculture and allied activities and retail segments, according to RBI’s data on sectoral deployment of credit.

However, credit growth to the industry and services sector declined in September 2026. NBFCs’ credit growth in September 2026 is, however, a shade lower than the preceding month’s (August 2026) 15.8 per cent.

Retail Loans

In the reporting month, credit to agriculture and allied activities recorded a robust growth of 17.4 per cent yoy in August 2026 as against 5.1 per cent a year ago, per RBI’s sectoral deployment of credit by NBFCs.

Retail loan growth accelerated to 21.9 per cent yoy in September 2026 compared to 16.8 per cent a year ago. Within retail sector, housing loans, loans against gold jewellery and vehicle loans witnessed accelerated credit growth.

Credit growth in industry sector declined to 7.4 per cent yoy in September 2026 as compared with 10.2 per cent in September 2025. Within industry, credit growth in ‘infrastructure’ remained subdued.

Credit Growth

Credit growth in services sector dropped to 17.3 per cent yoy in September 2026 from 23.0 per cent a year ago. While credit to ‘commercial real estate’ marked buoyant expansion, trade and transport operators segments also witnessed higher credit growth, the central bank said.

The sectoral credit data of NBFCs are based on sample of (i) NBFCs in Upper and Middle Layers, and (ii) Housing Finance Companies (HFCs), accounting for about 87 per cent of total credit.

Published on November 6, 2026

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