NBFC Credit in September 2026: What RBI's Sector Data Shows
Most of us track bank credit. But a big slice of lending in India comes from NBFCs, and RBI publishes their numbers too.
I am Nishi Jain, a full-time trader in Jaipur and ex-JioBlackRock. Here is how I read the latest release.
What RBI released
On 6 November 2026, RBI published Sectoral Deployment of Credit by NBFC – September 2026 (Press Release 2026-2027/1461).
The data comes from major NBFCs and housing finance companies (HFCs). It is provisional, as reported on the last day of the month.
The headline number
NBFC credit grew 15.4 per cent year-on-year in September 2026, compared with 13.3 per cent a year ago.
So lending by NBFCs is growing faster than it was twelve months back. That is the overall picture; the more useful story is in how each sector moved, because the four parts did not move together.
Sector by sector
Year-on-year growth, September 2026 vs September 2025:
Agriculture and allied: 17.8% vs 5.2%
Industry: 7.4% vs 10.2%
Services: 17.3% vs 23.0%
Retail loans: 21.9% vs 16.8%
Two segments sped up (agriculture and retail). Two slowed (industry and services).
What sits inside each part
Retail loans were the fastest-growing part. RBI says housing loans, loans against gold jewellery and vehicle loans all saw faster growth.
Industry slowed, and RBI notes that credit growth in infrastructure "remained subdued".
Services moderated, but not evenly. RBI says commercial real estate saw buoyant expansion, and trade and transport operators also saw higher growth.
Agriculture is the big jump: from 5.2% a year ago to 17.8% now.
Read the footnote
This is the part people skip. RBI says the data is based on a sample: NBFCs in the Upper and Middle Layers, plus HFCs. Together they account for about 87 per cent of total credit, measured against data in RBI's Report on Trend and Progress of Banking in India 2024-25 (outstanding as on September 2025).
So it is a large sample, but not every NBFC. And it is provisional.
How I use data like this
As context, not a signal. Growth figures tell you where lending is going. They do not tell you what any stock will do.
Compare like with like. RBI compares with the same month last year. Keep that base in mind before quoting a number.
Pair it with other releases. I read it alongside bank credit data and the weekly tables, the same way I explained how I read RBI's forex reserves table.
FAQ
How fast did NBFC credit grow in September 2026?
15.4 per cent year-on-year, against 13.3 per cent a year ago, according to RBI.
Which segment grew fastest?
Retail loans, at 21.9 per cent.
Which segment slowed the most?
Services moderated from 23.0 to 17.3 per cent; industry slowed from 10.2 to 7.4 per cent.
Does the data cover all NBFCs?
No. It covers Upper and Middle Layer NBFCs and HFCs, about 87 per cent of total credit, per RBI's footnote.
Sources
This article is for information and education only. It is not investment advice or a recommendation to buy, sell or hold any security. Figures are from RBI Press Release 2026-2027/1461 dated 6 November 2026 (provisional). — Nishi Jain, full-time trader in Jaipur, ex-JioBlackRock. Updates: https://t.me/nishijain_com.
