NBFC credit growth reached 15.4% in September, driven by a strong rise in retail lending. Retail loans grew by 21.9%, while agriculture credit also saw a big jump to 17.8%. Meanwhile, industrial and services sectors showed slower growth. The RBI said housing and gold loans led this expansion during September.
According to the Reserve Bank of India (RBI) data Retail lending, agriculture and allied activities recorded strong growth during the month, while credit expansion in the industrial and services sectors moderated.
Retail loan growth accelerates to 21.9%
Credit growth in the retail segment accelerated to 21.9% 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," RBI noted.
Agriculture credit records strong growth
Credit to agriculture and allied activities registered a robust growth of 17.8% YoY in September 2026, significantly higher than the 5.2% growth recorded a year ago.
The segment recorded one of the strongest improvements in credit growth during the month, according to the RBI data.
Industrial credit growth moderates
Credit growth in the industrial sector slowed to 7.4% in September 2026 from 10.2% in the corresponding month last year.
Within the industrial segment, infrastructure credit growth remained subdued, pointing to relatively slower lending activity in this category.
Services sector credit growth slows
Credit growth in the services sector moderated to 17.3% in September 2026, compared with 23% in September 2025.
"While credit to 'commercial real estate' marked buoyant expansion, 'trade' and 'transport operators' segments also witnessed higher credit growth," RBI noted.