ICRA sees 15-17% NBFC growth, bank credit up in FY26
ICRA projects Indian banks' incremental credit to rise ₹19-20.5 trillion, a 10.4-11.3% YoY growth, while NBFCs may expand 15-17% in FY26. GST rate cuts, CRR reduction, and improved economic activity will boost credit, despite asset quality stress in retail/MSME segments. Stable outlook maintained, though smaller NBFCs face higher risks.