Document title: Sectoral Deployment of Credit by NBFC – July 2026

Issuing authority: Reserve Bank of India

Reference number: Press Release: 2026-2027/1058

Date: 07 September 2026

Banking and Credit

The Reserve Bank of India reports that total credit extended by non‑banking financial companies (NBFCs) grew 14.9 per cent year‑on‑year (y‑o‑y) in July 2026, compared with a 10.6 per cent increase in the same month a year earlier. The data are provisional and are based on a sample comprising NBFCs in the Upper and Middle Layers together with housing finance companies (HFCs), representing about 87 per cent of total NBFC credit as measured in the RBI’s Report on Trend and Progress of Banking (RTP) 2024‑25, outstanding as of September 2025.

Sector‑wise, credit to agriculture and allied activities recorded a robust 18.0 per cent y‑o‑y growth in July 2026, a sharp acceleration from the 5.4 per cent rise observed in July 2025. Credit to the industry segment expanded 7.4 per cent y‑o‑y, slower than the 9.3 per cent growth recorded a year earlier, with the moderation attributed primarily to subdued growth in infrastructure, a major component of the industry basket.

In the services sector, credit growth moderated to 15.2 per cent y‑o‑y in July 2026 from 24.5 per cent a year ago. Within services, commercial real‑estate credit showed buoyant expansion, whereas credit to trade and transport operators experienced a deceleration.

Retail loan credit accelerated markedly, growing 21.4 per cent y‑o‑y in July 2026 versus 13.7 per cent in July 2025. The acceleration was driven by faster credit growth in the housing segment and loans against gold jewellery, while vehicle loan credit maintained a steady growth trajectory.

Overall, the data indicate a broad-based strengthening of NBFC credit, with especially strong expansions in agriculture, retail housing, and gold‑jewellery loans, while growth in industry and certain services sub‑segments moderated.

This briefing reflects the RBI’s latest sectoral credit deployment snapshot for NBFCs and highlights the differential pace of credit growth across key economic segments.