NBFC credit grows 15.4% in September, led by 66% surge in gold loans; industrial lending lags: RBI
Economic Times 2 hrs ago·6 Nov 2026, 12:56 pm
Non-banking financial companies (NBFCs) saw their total outstanding credit expand by 15.4% year-on-year in September, reaching Rs 61.7 lakh crore. This growth was primarily driven by a 66% surge in gold loans and a strong expansion in consumer durable financing. In contrast, industrial lending remained sluggish during this period.
This trend highlights a significant shift in the credit landscape, where retail lending is outpacing industrial demand. For investors, this suggests that NBFCs are increasingly focused on serving individual borrowers rather than large-scale industrial projects. This move towards retail assets is generally considered less risky than industrial lending, as it is backed by individual repayment capacity.
Investors should watch for how this retail-heavy growth impacts the overall asset quality of NBFCs. A sustained increase in retail credit often signals a healthy demand for consumer goods and services. However, monitoring the pace of this growth is crucial to ensure that it does not lead to excessive leverage or rising defaults in the future.
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