NBFC's credit to gold jewellery, consumer durables surges over 50% in September: RBI
The Reserve Bank of India (RBI) in its data has showed that non-banking finance companies' (NBFCs) credit to gold jewellery and consumer durables recorded a sharp year-on-year growth of over 50 per cent in September 2026. NBFCs credit towards gold jewellery outstanding for non-bank lenders surged 66.1 per cent to Rs 3.74 lakh crore in September 2026, compared with Rs 2.25 lakh crore in the corresponding month last year. Similarly, NBFC lending to the consumer durables segment increased 54.4 per cent year-on-year to Rs 77,896 crore from Rs 50,411 crore.
According to the data, the overall credit of NBFCs grew 15.4 per cent to Rs 61.69 lakh crore in September 2026, compared with Rs 53.46 lakh crore in September 2025. Credit to agriculture and allied activities registered a robust growth of 17.8 per cent in September 2026, significantly higher than the 5.2% growth recorded a year ago. However, credit growth in the industrial sector moderated to 7.4 per cent in September 2026 from 10.2 per cent in the corresponding period last year, while lending to the infrastructure segment remained subdued.
In the services sector, credit growth eased to 17.3 per cent in September 2026 from 23 per cent a year ago. While lending to commercial real estate marked buoyant expansion, trade and transport operator segments also witnessed higher credit growth. Credit growth in the retail segment accelerated to 21.9 per cent in September 2026, compared with 16.8% in September 2025. Within the retail sector, housing loans, loans against gold jewellery and vehicle loans witnessed accelerated credit growth.
