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NBFCs driving bank credit growth in India
October 11, 2023
Bank loans have increased a lot recently. This means more people and businesses are borrowing money from banks. In August, the amount of money borrowed from banks went up by 19.8% compared to the same time last year. One big reason for this increase is Non-Banking Financial Services (NBFCs), which are companies that provide financial services but are not traditional banks. These NBFCs have played a major role in this rise in bank lending, according to a report by CareEdge Ratings.
This trend of more borrowing has been happening for several months in this financial year. More loans mean more people are investing in businesses or buying homes. When banks give out more loans, it can boost the economy because people and businesses can use that money to grow and create more jobs. The increase in bank lending shows that the economy is active, with businesses and people confident enough to borrow and invest in various projects. This is good news because a healthy economy means more opportunities for everyone.
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