Economy
NBFC Credit Growth Accelerates as Retail and Farm Lending Strengthen
NBFC credit growth rose to 15.8% in August 2026, led by stronger retail and agriculture lending.
What happened
Credit extended by NBFCs grew 15.8% year-on-year in August 2026, up from 10.0% a year earlier. Agriculture and allied-activity lending expanded 17.4%, while retail loan growth accelerated to 22.0% from 13.6%. Services growth moderated to 16.2%, and industry credit remained broadly stable at 8.4%.
Why it matters
NBFC lending is expanding faster overall, with retail and agriculture driving growth while services loses momentum. The data covers major NBFCs and housing finance companies representing about 87% of credit.
Source: RBI