Loans and advances by non-banking financial companies (NBFCs) grew 18.5% in FY24, primarily driven by upper-layer NBFCs, according to the Reserve Bank of India's report on trend and progress, released on Thursday. NBFCs' credit growth stood at 17.4% in FY23.
The credit growth of middle-layer NBFCs was relatively muted on account of a contraction in unsecured loans.
As on March 2024, more than two-thirds of the aggregate credit exposures and total borrowings of NBFCs were long-termâmore than 12 months. Credit to industry and retail sector accounted for almost 71.2%, the highest percentage in the entire loan portfolio. It was followed by the agriculture and allied sector and micro, small, and medium enterprises (MSMEs).
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