| Source | (₹ crore) | Percentage Variation | | At End-March | As on November 28 | At End-March | As on November 28 | | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 P | 2024 over 2023 | 2025 over 2024 | 2024 over 2023 | 2025 over 2024 P | | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | | 1 Non-Food Bank Credit | 1,36,55,330 | 1,64,09,083 | 1,82,07,441 | 1,57,83,763 | 1,74,57,702 | 1,94,47,512 | 20.2 | 11.0 | 10.6 | 11.4 | | 2 Non-Bank Sources (2.1+2.2) | 74,43,091 | 77,56,314 | 88,85,434 | 73,03,121 | 81,96,473 | 95,90,566 | 4.2 | 14.6 | 12.2 | 17.0 | | 2.1 Domestic Sources | 53,95,038 | 56,59,037 | 66,37,411 | 51,96,143 | 60,08,758 | 71,98,292 | 4.9 | 17.3 | 15.6 | 19.8 | | 2.1.1 Corporate Bond Issuances by Non-Financial Entities | 16,58,140 | 18,25,514 | 20,23,310 | 16,81,580 | 18,72,003 | 22,84,273 | 10.1 | 10.8 | 11.3 | 22.0 | | 2.1.2 Commercial Paper Issuances by Non-Financial Entities | 89,816 | 1,09,528 | 1,28,347 | 1,19,666 | 1,82,909 | 2,04,279 | 21.9 | 17.2 | 52.8 | 11.7 | | 2.1.3 Credit by Housing Finance Companies (Net of Bank Borrowings) | 10,39,420 | 5,98,965 | 6,27,125 | 5,77,200 | 5,78,763 | 6,25,350 | -42.4 | 4.7 | 0.3 | 8.0 | | 2.1.4 Credit by RBI-regulated All India Financial Institutions | 3,51,224 | 4,24,610 | 5,24,111 | 3,25,303 | 4,34,513 | 4,97,535 | 20.9 | 23.4 | 33.6 | 14.5 | | 2.1.5 Credit by Non-Banking Financial Companies (Net of Bank Borrowings) | 22,56,439 | 27,00,421 | 33,34,518 | 24,92,394 | 29,40,571 | 35,86,856 | 19.7 | 23.5 | 18.0 | 22.0 | | 2.2 Foreign Sources | 20,48,053 | 20,97,277 | 22,48,023 | 21,06,978 | 21,87,714 | 23,92,274 | 2.4 | 7.2 | 3.8 | 9.4 | | 2.2.1 External Commercial Borrowings by Non-Financial Entities | 10,29,403 | 10,71,240 | 11,33,592 | 10,74,240 | 10,93,328 | 12,10,664 | 4.1 | 5.8 | 1.8 | 10.7 | | 2.2.2 Short-term Credit from Abroad | 10,18,650 | 10,26,037 | 11,14,432 | 10,32,738 | 10,94,386 | 11,81,610 | 0.7 | 8.6 | 6.0 | 8.0 | | 3 Total Credit (1+2) | 2,10,98,421 | 2,41,65,397 | 2,70,92,875 | 2,30,86,884 | 2,56,54,175 | 2,90,38,078 | 14.5 | 12.1 | 11.1 | 13.2 | P: Provisional.
The coverage of data for columns 5, 6 and 7 from Sources No.:
2.1.1, 2.1.3, 2.1.4 and 2.2.1: As at end-October.
2.1.5 and 2.2.2: As at end-September.
Notes: i) Non-food bank credit pertains to scheduled commercial banks (SCBs) and excludes credit extended by co-operative banks. Including credit extended by co-operative banks (viz., urban co-operative banks, state co-operative banks, and district central co-operative banks), non-food bank credit at end-March 2023 and 2024 stood at ₹1,46,22,252 crore and ₹1,74,63,724 crore, respectively. Accordingly, total outstanding credit at end-March 2023 and 2024 stood at ₹2,20,65,343 crore and ₹2,52,20,038 crore, respectively.
ii) Data on non-bank sources excludes issuances of equities and hybrid instruments under domestic sources and foreign direct investment in equities under foreign sources.
iii) In case of corporate bonds, the outstanding data for end-March 2024 and 2025 are based on SEBI’s new series of data on bonds issued by financial and non-financial corporations. The outstanding data for end-March 2023 is worked out by adjusting the flow of 2023-24 from outstanding data for end-March 2024.
iv) Flows based on outstanding data may not tally with the flows provided in Table 1 due to:
(a) Merger of HDFC Limited with HDFC Bank on July 1, 2023;
(b) Conversion of some Housing Finance Companies into Non-Banking Financial Companies; and
(c) Valuation effect in case of foreign sources.
v) Data is exclusive of current and non-current trade payables representing domestic liabilities in case of non-financial non-government public and private limited companies as data are not available.
Sources: RBI; SEBI; AIFIs; and RBI staff estimates. | |