India’s shadow banks are lending at a rapid pace. Retail loans by non-banking finance companies grew 22 percent year-on-year in August 2026. That is sharply up from 13.6 percent a year ago, RBI data released on October 6 shows.

Gold loans surged 69.1 percent to Rs 3.65 lakh crore. Consumer durable loans jumped 56.4 percent. Vehicle loans rose 15.4 percent. Housing loans grew 12.1 percent. Farm loans were up 17.4 percent, showing broad-based demand.

Total NBFC credit expanded 15.8 percent to Rs 60.64 lakh crore. The numbers point to strong consumer demand across categories. They also show households borrowing more against gold, a trend to watch.

Analysts say the festive season could push lending even higher in the coming months. Regulators will keep a close eye on asset quality as credit growth accelerates across the non-bank sector. The RBI publishes this sectoral data monthly, and economists track it as a key gauge of consumer credit appetite.