India Inc's big move: ₹22.56L cr raised beyond banks
Indian companies just pulled in a massive ₹22.56 lakh crore through both bank and non-bank routes like equity markets, corporate bonds, and NBFCs—showing they're not just relying on banks anymore.
With interest rates dropping, total business credit hit ₹290.38 lakh crore by late November 2025, up 13% from last year.
Banks vs non-banks: Who's lending more?
Bank loans grew by 11% to ₹194.48 lakh crore this year, but non-bank funding jumped even faster—up 17% to ₹95.91 lakh crore.
So far in FY26, new funding from non-banks shot up by 29%, outpacing the 18% rise from banks.
Why the shift?
With easier policy rates and more cash flowing in the system, companies are turning to market-based options like bonds and stocks for money.
Gaura Sengupta of IDFC First Bank points out that non-bank funding now makes up a bigger slice of total credit.