Document title: Sectoral Deployment of Credit by NBFC – September 2026
Issuing authority: Reserve Bank of India (RBI)
Reference number: Press Release 2026-2027/1461
Date: 06 November 2026
Banking and Credit
The Reserve Bank’s September 2026 data show that total credit extended by non‑banking financial companies (NBFCs) grew 15.4 per cent year‑on‑year (YoY), an acceleration from the 13.3 per cent YoY growth recorded in September 2025. The data are provisional, compiled from a sample of NBFCs in the Upper and Middle Layers together with housing finance companies (HFCs), representing about 87 per cent of total NBFC credit as per the RBI’s Report on Trend and Progress of Banking in India 2024‑25 (outstanding as on September 2025).
Sector‑wise, credit to agriculture and allied activities expanded robustly by 17.8 per cent YoY, a sharp improvement over the 5.2 per cent increase a year earlier. In the industry segment, credit growth decelerated to 7.4 per cent YoY from 10.2 per cent in September 2025, with infrastructure‑related lending remaining subdued. The services sector saw moderated growth of 17.3 per cent YoY, down from 23.0 per cent a year ago; within services, commercial real‑estate credit showed buoyant expansion while trade and transport‑operator segments also recorded higher credit growth.
Retail loan exposure accelerated to a 21.9 per cent YoY increase, outpacing the 16.8 per cent growth recorded in the prior year. The acceleration was driven by faster credit growth in housing loans, loans against gold jewellery, and vehicle loans.
Overall, the September 2026 figures indicate a broadening of credit across most NBFC‑served segments, with particularly strong momentum in agriculture, retail, and commercial real‑estate, while industry‑linked credit, especially infrastructure, continues to lag.
This data provides a snapshot of NBFC credit dynamics for September 2026, reflecting sector‑specific trends that may influence liquidity conditions and credit availability across the Indian economy.