NBFCs' credit registered a growth of 14.2 per cent in May 2026 as compared to 11.4 per cent a year ago, on a year-on-year (y-o-y) basis, RBI data showed. Credit growth in agriculture and allied activities recorded a robust growth of 17.9 per cent (y-o-y) in May 2026 against 5.0 per cent a year ago. Credit to industry grew by 7.3 per cent (y-o-y) in May 2026 as compared with 10.0 per cent in May 2025. Moderation in growth in industry was primarily driven by subdued growth in infrastructure, a major constituent of the segment.

Credit growth in services sector moderated to 16.7 per cent (y-o-y) in May 2026 against 23.9 per cent a year ago. Among major contributors, growth (y-o-y) in credit to 'Commercial Real Estate' marked buoyant expansion. Retail loans contributed the most in overall credit growth by NBFCs with 19.5 per cent (y-o-y) growth in May 2026 over 14.9 per cent a year ago. Within retail loan, 'housing loan', 'vehicle loan' and 'loans against gold jewellery' displayed a robust growth in May 2026, the central bank report noted.

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