# India's Credit-Deposit Ratio Just Hit 83%. A 15-Year High. Gold Loans Up 4x in Two Years. Published: 2026-04-08 India credit-deposit ratio at 83%, 15-year high. Gold loans up 4x in two years. NBFC loans up 21% in 9 months. Six sectors growing at 2x overall rate pulling one-third of new credit. Credit grew 12.3% vs deposits 9%. Housing growth slowed. RBI sectoral data analysis. ## Where to find the full content - HTML page (full text, image deck, links): https://tigzig.com/post/india-credit-deposit-ratio-gold-loans-apr2026 - Markdown of the HTML page: send GET https://tigzig.com/post/india-credit-deposit-ratio-gold-loans-apr2026 with header `Accept: text/markdown` - PDF deck (full analysis, charts, sources): https://tigzig.com/files/IND_CREDIT_APR2026.pdf ## Tags portfolio-quants --- ## Full analysis transcript (extracted from PDF deck) _This text was extracted from the source PowerPoint deck. Chart visuals (referenced as "no text content - see PNG at /files/...") are in the PDF and slide images on the HTML page._ ## Where is India borrowing? Amar Harolikar Decision Sciences & Applied AI Gold loans and loans to NBFCs leading the charge 8th April 2026 [tremor.tigzig.com](https://tremor.tigzig.com/) India Credit – Deposit Ratio at 15 year highs --- ## Data & Tools Data Sources Aggregate Deposits & Credit - RBI fortnightly statistical release and Excel downloads from data.rbi.org.in Sectoral Credit Deployment - RBI SIBC data; monthly returns from 41 banks covering ~95% of non-food credit. Methodology Note RBI publishes NBFCs (3.9) with sub-items for HFCs (3.9.1) and PFIs (3.9.2) only. The residual - MFIs, gold loan NBFCs, and others - is not disclosed separately. We compute "Other NBFCs" (3.9.3) = NBFCs total - HFCs - PFIs, reconciled to zero gap across all periods Tool All data is processed and available on Tremor tool with full data download and analysis capability TREMOR | Macro Signals ([tremor.tigzig.com](https://tremor.tigzig.com/)) --- ## Credit growing faster than Deposits Jun '25 to Feb '26: Deposits grew 9% (Rs. 230 to 252L Cr) vs. Credit up 12.3% (185 to 208L Cr) - pushing Credit-Deposit ratio to a 15-year high of 83% Aggregate Credit vs. Deposit Growth (Indexed to 100) Credit Deposit Source: RBI fortnightly disclosure data. Period: 13th June 2025 to 28th February 2026. --- ## Six Sectors Outpacing the Market Overall credit grew 12.3% (Jun-Feb), adding Rs. 8.14L Cr. Six sectors grew at ~2x that rate (~24%), contributing nearly one-third of all new credit. Their combined share rose from 18.4% to 20.3% in nine months: Loans against gold jewellery, NBFCs (MFIs, gold loan, others) & Public Financial Institutions Micro & Small & Medium enterprises, Wholesale trade --- ## Loans Against Gold Jewellery The fastest-growing sector. Jun-Feb growth of 54.7% vs. 12.3% for overall credit. The bigger story is the 2-year trend: outstanding has surged from Rs. 1L Cr to Rs. 4.3L Cr - over 4x - adding Rs. 3.28L Cr to the economy. Share rose from a minuscule 0.6% to ~2% of total bank credit. A scorching pace of growth. --- ## NBFC – MFIs, Gold Loan, Others Bank lending to NBFCs (excl. HFCs & PFIs) grew 20.8% (Jun-Feb), adding Rs. 2.19L Cr - comprising ~10% of all incremental credit. Share rose from 5.7% to 6.1%. Many NBFCs themselves report strong gold loan growth, so the total gold loan picture is a combination of this sector + direct bank gold jewellery loans (previous slide). --- ## The Other Fast Movers The remaining sectors rounding out the high-growth group: Micro & Small Industries - grew 18.2%, contributed 7% of incremental credit. Share up from 4.7% to 5.0%. Medium Industries - grew 20.3%, share up from 1.9% to 2.1%. Wholesale Trade - another sector quietly gaining share alongside the MSME segments. --- ## Housing - The Notable Exception The single largest sector at 15.9% of total credit - yet growing well below the market. Jun-Feb growth of just 7.8% vs. 12.3% overall. Market share is steadily eroding - down from 16.6% to 15.9%. As the biggest sector, this drag pulled down the overall credit growth number. --- ## Large Industries and Agriculture The 2nd and 3rd largest sectors - Large Industries and Agriculture & Allied Activities - together comprise over one-fourth (26.6%) of total credit deployment. Both grew at a healthy 10.4% - but still below the 12.3% overall average. Combined share drifted from 27.1% to 26.6%. Healthy growth, but comparatively slower - yielding share to the faster movers. --- ## Run Your Own Cuts The India Credit Deployment tool is live on [tremor.tigzig.com](https://tremor.tigzig.com/) → IND Credit Find market shares Compare percentage share across sectors Compare the share of deltas Analyze at tree and leaf node level Detailed methodology and validation Full data download