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Retail gold loans grew 3.3 times in two years
Retail loans against gold jewellery, Rs lakh crore: 41 select banks plus major NBFCs. Bank dates 20 Sep 2024, 21 Mar 2025, 19 Sep 2025, then month-end; NBFCs month-end.
Stacked bar chart of retail gold loans at banks and NBFCs combined: Rs 2.90 lakh crore in Sep 2024, 3.86 in Mar 2025, 5.42 in Sep 2025, 7.72 in Mar 2026 and 9.52 on 30 Sep 2026, 3.3 times in two years. NBFCs were larger in Sep 2024; banks were larger from Mar 2025.

Source: Reserve Bank of India, Sectoral Deployment of Bank Credit and NBFC Credit; NBFCs: Upper and Middle Layers and HFCs, about 87% of NBFC credit. RBI note: since May 2024 a bank reclassified a category of agricultural loan into loans against gold jewellery. Data as of 30 September 2026.
Educational content from public data. Not investment advice or a research report.

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Chart in focus · data as of 30 Sep 2026

Retail gold loans at banks and NBFCs rose from Rs 2.90 lakh crore to Rs 9.52 lakh crore in two years

Banks' share of these retail gold loans rose from 48.5% in Sep 2024 to 60.7% in Sep 2026, and was above half at every date shown from Mar 2025. Figures cover 41 select banks and major NBFCs reporting to RBI. RBI notes that since May 2024 a bank has reclassified a category of agricultural loan into gold loans; the effect on these figures is not published.

Educational content only: not investment advice, and not a research report under the SEBI (Research Analysts) Regulations, 2014. Accrue Finvisor LLP is an AMFI-registered Mutual Fund Distributor, not a SEBI Registered Investment Adviser. Mutual fund investments are subject to market risks; read all scheme-related documents carefully.