Non-banking financial companies (NBFCs) saw credit grow by 15.4% in September, primarily driven by a remarkable 66.1% surge in . Retail lending continues to be the strongest segment for these lenders.
15.4%
Overall NBFC Credit Growth (YoY)
Sep 2025: 13.3%→15.4%
📊 One chart explains it
NBFC Credit Growth YoY (September 2026 vs 2025)
Takeaway: NBFC credit growth accelerated in September 2026, with retail loans, especially gold loans, showing significantly higher growth compared to the previous year.
⏳ Time Machine
How today’s news fits into the bigger picture
March 2024
Gold Loans See High Growth Rate
The RBI's Report (June 2026) noted that had recorded a Compound Annual Growth Rate (CAGR) of 42.4% since March 2024, identifying it as the fastest-growing segment.
September 2025
NBFC Credit Growth at 13.3%
NBFCs' overall credit growth stood at 13.3% year-on-year in September 2025, with retail loans growing 16.8%, indicating a steady but slower expansion compared to the current period.
July 2026
NBFC Gold Loans Rise 68.5%
NBFC grew 21.4% year-on-year in July 2026, with against jewellery rising 68.5% and consumer durable finance increasing 51.5%, pushing gold loan book to ₹3.54 lakh crore.
August 2026
NBFC Credit Continues Strong Growth
NBFC credit grew 15.8% year-on-year to ₹60.6 lakh crore in August 2026, with retail lending leading at 22.0% and remaining the fastest-growing segment at 69.1% YoY.
Today
RBI released data showing NBFC credit grew by 15.4% in September 2026, driven by a 66.1% surge in gold loans.
What happens next?
Regulators will continue to closely monitor NBFC asset quality and underwriting practices, especially for high-growth segments like gold loans, with potential for further prudential norms.
RBI data released today (November 6, 2026) reveals that non-banking financial companies (NBFCs) recorded a 15.4% year-on-year increase in outstanding credit for September 2026, reaching **₹61.7 lakh crore**. This growth accelerated from 13.3% a year prior. Retail loans were the leading force, expanding by **21.9%** to **₹26.84 lakh crore**, and now constitute 43.5% of total NBFC credit. Within the retail segment, loans against gold jewellery experienced an astonishing 66.1% surge, with outstanding amounts hitting **₹3.74 lakh crore**. Consumer durable financing also showed strong growth at 54.4%. In contrast, credit to the industrial sector grew at a slower 7.4%, while services sector growth moderated to 17.3%.
💭 If you're wondering…
Gold loans are growing rapidly due to the rising price of gold, which increases the collateral value, allowing borrowers to access larger loan amounts. They are also a quick and accessible source of credit for individuals and MSMEs.
Did this story help?
Official sources
Knowledge Chain — tap a concept