Credit extended by NBFCs to gold jewellery and consumer durables grew by more than 50% year-on-year in September 2026, according to RBI data. Lending against gold jewellery increased 66.1% to ₹3.74 lakh crore, from ₹2.25 lakh crore a year earlier, while credit to consumer durables rose 54.4% to ₹77,896 crore, compared with ₹50,411 crore in September 2025. Overall NBFC credit grew 15.4% to ₹61.69 lakh crore during the month.
The data points to continued strength in retail-focused NBFC lending, although the sharp expansion in gold-backed and consumer credit also warrants close attention to underwriting standards, borrower leverage and portfolio quality. Credit to agriculture and allied activities grew 17.8%, while retail loan growth accelerated to 21.9% from 16.8% a year earlier. For NBFC risk teams, the rapid expansion reinforces the importance of portfolio monitoring, concentration risk management and early-warning systems as lenders expand in high-growth retail segments.
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