Credit extended by non-banking finance companies against gold jewellery surged 66.1% year-on-year to ₹3.74 lakh crore in September 2026, RBI data showed. NBFC lending for consumer durables also jumped 54.4%, while overall NBFC credit expanded 15.4%.
Mumbai, November 6 — Non-banking finance companies (NBFCs) recorded sharp growth in lending against gold jewellery and for consumer durables in September 2026, according to data released by the Reserve Bank of India (RBI).
Outstanding NBFC credit towards gold jewellery increased 66.1% year-on-year to ₹3.74 lakh crore in September, compared with ₹2.25 lakh crore in the corresponding month last year.
Credit extended by NBFCs for consumer durables rose 54.4% to ₹77,896 crore, against ₹50,411 crore in September 2025.
Overall NBFC credit rises 15.4%
The overall credit portfolio of NBFCs expanded 15.4% year-on-year to ₹61.69 lakh crore in September 2026, compared with ₹53.46 lakh crore a year earlier.
The RBI data showed varying credit trends across different sectors of the economy.
Credit to agriculture and allied activities grew 17.8%, significantly higher than the 5.2% growth recorded in the corresponding period last year.
However, lending growth to the industry sector moderated to 7.4%, compared with 10.2% in September 2025.
Credit growth in the infrastructure segment also remained subdued.
Retail loan growth accelerates
The services sector also witnessed some moderation in credit expansion.
NBFC credit to services grew 17.3% in September 2026, down from 23% in the year-ago period.
However, lending to commercial real estate recorded buoyant expansion, while trade and transport operator segments also witnessed stronger credit growth.
Retail lending emerged as another strong area for NBFCs.
Growth in retail loans accelerated to 21.9% in September, compared with 16.8% a year earlier.
Within the retail segment, housing loans, loans against gold jewellery and vehicle loans recorded accelerated credit growth.
The latest RBI numbers indicate particularly strong demand for gold-backed borrowing, with the outstanding loan book against gold jewellery expanding by more than ₹1.4 lakh crore compared with September last year.
At the same time, the sharp increase in consumer durable financing and stronger overall retail lending point to continued growth in household borrowing through non-bank lenders.
Overall, NBFC credit remained on a double-digit growth trajectory in September, although lending trends varied significantly across agriculture, industry, services and retail segments.
