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The Reserve Bank of India reports a 15.4 percent year-on-year credit growth for non-banking financial companies in September 2026. This data covers major non-banking financial companies and housing finance companies. Agriculture and allied activities show a 17.8 percent growth. Industry sector credit growth declines to 7.4 percent. Services sector credit growth moderates to 17.3 percent. Retail loans growth accelerates to 21.9 percent. The report uses a sample of non-banking financial companies in the Upper and Middle Layers and housing finance companies. These entities account for approximately 87 percent of total credit based on the Report on Trend and Progress of Banking in India 2024-25.
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November 06, 2026
Sectoral Deployment of Credit by NBFC – September 2026
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 Statement1.
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 cent a year ago.
• Credit growth in industry sector declined to 7.4 per cent (y-o-y) in September 2026 as compared with 10.2 per cent in September 2025. Within industry, credit growth in ‘infrastructure’ remained subdued.
• Credit growth in services sector moderated to 17.3 per cent (y-o-y) 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.
• Retail loans growth accelerated to 21.9 per cent (y-o-y) 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.
Ajit Prasad
Press Release: 2026-2027/1461 Deputy General Manager
(Communications)
1 Provisional data as reported on the last day of the month. Sectoral credit data of NBFCs are based on sample of (i) NBFCs in Upper and Middle Layers, and (ii) HFCs, accounting for about 87 per cent of total credit with respect to data published in ‘Report on Trend and Progress of Banking in India 2024-25’ (RTP 2024-25, outstanding as on September 2025).
ᮧेस ᮧकाशनी PRESS RELEASE
भारतीय ᳯरज़वर् बᱹक
RESERVE BANK OF INDIA
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