Now Reading: RBI data: NBFC credit up 14.4% in June, gold loans jump 69.3%
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RBI data: NBFC credit up 14.4% in June, gold loans jump 69.3%
NBFC credit grew 14.4% year-on-year in June 2026, up from 11.1% a year ago, RBI data released on Friday shows. Total outstanding credit rose to Rs 59.31 lakh crore, a 1.2% increase…
The Story in Brief
NBFC credit grew 14.4% year-on-year in June 2026, up from 11.1% a year ago, RBI data released on Friday shows. Total outstanding credit rose to Rs 59.31 lakh crore, a 1.2% increase from May. Retail loans accelerated to 20.3% YoY, with gold loans surging 69.3% to Rs 3.41 lakh crore. Agriculture credit rose 17.9% YoY but slipped 0.8% month-on-month to Rs 79,684 crore.
Industrial credit remained subdued at 6.7% YoY, dragged by infrastructure. Housing credit grew 11.4% YoY and vehicle loans 15.2%. The RBI began publishing monthly NBFC credit data in May 2026, covering about 87% of total credit in the sector.
The Indian Opinion
The sharp contrast between gold loans (up 69%) and industrial credit (6.7%) will revive talk of Indians borrowing for consumption, not production. But gold loans are secured and largely for small needs; industrial weakness is cyclical, not structural. The real test will be the next two quarters: if industrial credit does not pick up while gold loans keep surging, the narrative of a consumption-led, investment-starved economy will stick. Until then, hold the alarm.
Sources (2): rbi.org.in, bfsi.economictimes.indiatimes.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
