The financial resources to the commercial sector have increased by 15% compared to last year, reaching Rs 298 lakh crore by the end of December, 2025, according to the latest data from the RBI. This growth comes from both bank loans & other sources. Bank credit stayed the same at Rs 202.3 lakh crore.
Meanwhile, loans from finance companies, corporate bonds and foreign currency borrowing added up to Rs 95.5 lakh crore from non-bank sources. Notably, non-bank credit now accounts for almost 47% of all funding, showing its increasing importance in supporting business activity.
NBFCs have been the real stars here, with lending growth hitting 22% year-on-year, outpacing banks' 14.4% rise to end-December. Outstanding loans from non-banking finance companies (net of bank credit) climbed to Rs 35.8 lakh crore. On top of that, non-financial corporates raised Rs 22.9 lakh crore through corporate bonds, according to the RBI credit flow data.
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One area that bucked the trend was corporate fundraising via commercial papers, which dipped 1.2% to Rs 1.56 lakh crore. This reverses last year's 40% surge and ties back to rising government bond yields, from 6.24% in May to around 6.65% today. Companies are simply pivoting to short-term bank loans instead.
Looking at the bigger picture, so far this year, financial resources for the commercial sector have reached Rs 30.8 lakh crore, an increase from Rs 21.3 lakh crore last year. In total, for the financial year 2025, these funds amounted to Rs 35.08 lakh crore. This shows that commercial sector credit is growing steadily as India boosts its economy.
This RBI report shows that the diversified funding is powering businesses forward, even if interest rate shifts are influencing their strategies.
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