New Delhi, Sept. 10 -- Outstanding bank credit as of July 2026 is 3.7 times that of non-banking financial company (NBFC) credit, with bank lending expanding at a much steeper pace, according to a report by Bank of Baroda.

The report noted that NBFCs account for 21.3 per cent of the total credit offtake across banks and non-bank lenders, marginally up from 21.2 per cent in June 2026. The sharper pace of bank credit growth highlights persistent reliance on bank borrowing as a primary source of financing across the economy.

"In terms of shares, Banks have a well-diversified portfolio with share of retail loans at 32.5%, followed by services at 28.1% and industry at 21.7%," the report said.

"For NBFCs, there is relatively higher concentrat...