NBFC credit grows 14% in May, led by retail and farm loans

RBI's first-ever monthly sectoral credit data shows NBFC credit growth at 14% YoY in May, driven by retail and farm loans. Retail loans grew 15% YoY, with loans against gold jewellery surging 70% to ₹3.29 lakh crore and consumer durables loans up 42%. However, overall NBFC credit growth trailed banks' 17% expansion, while NBFC lending to industries grew just 7% versus 18% for banks.