NBFCs' credit growth accelerated to 15.4% year-on-year in September 2026, up from 13.3% a year ago, reflecting increased sectoral deployment and lending momentum.
NBFC Credit Growth Reaches 15.4% YoY in September 2026
Non-banking financial companies (NBFCs) recorded a year-on-year credit growth of 15.4% as of September 2026, a marked increase from 13.3% in the same period the previous year, according to data compiled by the Reserve Bank of India from major NBFCs and housing finance companies (HFCs).
The acceleration in credit deployment signals robust demand across key sectors, including housing, consumer durables, and MSME lending. This expansion may reflect improved risk appetite, easing credit conditions, and regulatory support for financial inclusion.
From a regulatory standpoint, sustained credit growth warrants close monitoring of asset quality and leverage ratios. The RBI may intensify supervisory oversight if growth outpaces capital adequacy or macroeconomic fundamentals, especially under the scale-based regulatory (SBR) framework introduced for NBFCs.
