NBFCs versus banks, credit-to-GDP ratio?

Abhishek R. Sharma- 14th November, 2023

From 2012 to 2017, non-banking financial companies (NBFCs) grew rapidly, and their share of credit (Credit to GDP ratio) increased from 8.6% to 11.5% by 2018.
During the same period, traditional banks saw a decrease in their share of credit from 59.1% to 51.2%.
The growth of NBFCs in providing credit surpassed that of banks, with the gap between them widening until 2018

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