Increase in loan sanction by NBFC by more than 37%

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MUMBAI: The number of loan approvals by non-banking finance companies (NBFCs) in the first quarter of the current financial year stood at 4.50 per cent higher year-on-year. According to the Finance Industry Development Council (FIDC), a total of Rs 1.3 trillion was sanctioned by the NBFCs in the June quarter of FY208, up from Rs 30,214 crore in the same period last fiscal.

Overall loan growth has been strong due to increase in auto loans, housing loans and loans against shares. Sources said that this was a sign that economic activity was improving in the country after Koro.

However, the first quarter figure of the current financial year is much lower than that of FY2030. In the first quarter of the previous financial year, loans worth Rs 4.5 trillion were sanctioned.

The Reserve Bank has maintained an accommodative attitude with low interest rates to boost economic activity in the country.

Loan growth in the banking sector has been modest in the first quarter compared to NBFCs. The second quarter has seen an increase in loan withdrawals. In August, the growth rate of loans in the banking system was 7.50 per cent as against 2.50 per cent in August last year, according to RBI data.

The high growth rate of loans in NBFCs is due to last year's lows. This increase does not mean that economic activity has picked up again, FIDC sources said.

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