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01OverviewFinancialconditionsindexinIndiain2ndquarteroffinancialyear2023,bycategoryofbanksandfinancialinstitutionsFinancialconditionsindexIndiaQ2FY2023,bycategoryIndexpoints01020304050607080NBFCsForeignbanks7546.9CooperativebanksPrivatesectorbanksPublicsectorbanks70.360.961.73Description:Insecondquarteroffinancialyear2023,thenon-bankingfinancialcompanieshadbeenthedriversforasignificantupliftinthefinancialcategoryindexwithindexvaluesofnearly75.ReadmoreNote(s):India;July2023;27banksandfinancialinstitutionsSource(s):ConfederationofIndianIndustry;IndianBanks'AssociationAnnualgrowthofloansinIndiafromfinancialyear2019to2023,byfinancialinstitutionAnnualgrowthofloansinIndiaFY2019-2023,byfinancialinstitutionBanksNBFCs20%18%16%18%17%14.3%14%12%10%8%13%10.6%10.3%7.6%6.3%5.4%6%4.6%4%2%0%FY2019FY2020FY2021FY2022FY20234Description:Duringthefinancialyear2023,theyear-on-yeargrowthrateofbothbanksandnon-bankingfinancialcompanies(NBFCs)inIndiaincreasedto18percentand17percent,respectively.Inthelastthreefinancialyears,loanadvancesbyNBFCsremainedlessthanthosebybanks.ReadmoreNote(s):India;FY2019toFY2023Source(s):BCGIndia;CapitalineNumberofregisterednon-bankingfinancialcompanies(NBFC)inIndiaasoffinancialyear2023,bycategoryNumberofNBFCsinIndiaFY2023,bycategory10,0008,8239,4809,0008,0007,0006,0005,0004,0003,0002,0001,0000507972627Othernon-deposittaking

SystemicallyimportantHousingfinancecompaniesDeposit-takingNBFCs(NBFC-D)Assetreconstructioncompany(ARC)TotalNBFCs(NBFC-ND)non-deposittakingNBFCs(NBFC-ND-SI)NBFCcategory5/statistics/1243950/number-of-nbfcs-indiaAsoffinancialyear2023,9480NBFCsbelongedtothenon-deposittakingcategory(NBFC-NDs),basedonliabilities.Systemicallyimportantnon-deposittakingNBFCs(NBFC-ND-SI)arelargeNBFC-NDswithassetsofmorethanfivebillionIndianrupees.ReadmoreNote(s):India;asofMarch2023;NBFCsregulatedbyRBISource(s):ReserveBankofIndiaValueofprivateequityandventurecapitalinvestmentsinthefinancialservicesacrossIndiain2023,bysub-sector(inmillionU.S.dollars)ValueofPE/VCinvestmentsinfinancialservicesIndiabysub-sector2023DealvalueinmillionU.S.dollars05001,0001,5002,0001,8642,5003,000FintechNBFC2,721Banks490HousingfinanceAssetmanagementInsurance64452439Micro/SmallfinanceCrypto147266Description:In2023,India'sfinancialservicessectorsawaround161privateequityandventurecapital(PE/VC)dealsaggregatingtoover6billionU.S.dollars.Ofthesedeals,thehighestinvestmentvaluewassecuredbynon-bankingfinancialcompanies,aggregatingtoavalueofaround2.7billionU.S.dollarsduringthisperiod.ReadmoreNote(s):India;2023;*Othersincludesexchanges,brokerages,advisoryservices,etc.OneIndianrupeeisequalto0.011eurosand0.012U.S.dollars(asofApril2024).

ReadmoreSource(s):EY;VCCEdgeCHAPTER

02KeyfiguresNetinterestmarginofnon-bankingfinancecompaniesacrossIndiafromfinancialyear2018to2023NetinterestmarginofNBFCsIndiaFY2018-20236%5%4%3%2%1%0%5.7%5.4%5.1%4.9%4.9%4.9%FY2018FY2019FY2020FY2021FY2022FY20238Description:Infinancialyear2023,thenetinterestmargin(NIM)ofnon-bankingfinancecompanies(NBFCs)inIndiastoodat5.4percent.Thismarkedaslightincreasecomparedtothepreviousyear,duringwhichtheNIMwas5.1percent.Netinterestmarginistheinterestearnedbyabankonloansandtheinterestitpaysondeposits.ReadmoreNote(s):India;FY2018toFY2023Source(s):BCGIndia;CapitalineGrossnon-performingassets(GNPA)ofnon-bankingfinancialcompanies(NBFC)inIndiafromthefinancialyear2009to2023Grossnon-performingassetsofnon-bankingfinancialcompaniesinIndiaFY2019-20234.0%3.8%3.5%3.5%3.0%2.5%2.0%1.5%1.0%0.5%0.0%3.3%2.9%2.4%FY2019FY2020FY2021FY2022FY20239Description:Inthefinancialyear2023,thegrossnon-performingassets(GNPA)ofnon-bankingfinancialcompanies(NBFCs)stoodat2.9percent.Thismarkedadecreasefromthepreviousyear’sGNPA,whichwas3.8percent.GNPAreferstothesumofalltheloansthatborrowershavefailedtorepay.ReadmoreNote(s):India;FY2019toFY2023Source(s):BCGIndia;ReserveBankofIndiaYear-on-yeargrowthinnon-bankingfinancialcompanies(NBFCs)assetundermanagementinIndiafrom2009to2023Year-on-yeargrowthinNBFCsassetundermanagementinIndia2009-202330%27%27%26%24%25%20%15%10%5%19%19%17%16%16%15%15%13%10%8%5%0%20092010201120122013201420152016201720182019202020212022202310Description:In2023,theassetundermanagement(AUM)ofnon-bankingfinancialcompanies(NBFCs)exhibitedaremarkableyear-on-yeargrowthof17percent.Althoughgrowthwasstuntedduringthepandemicyears,ithassincereboundedstrongly.

ReadmoreNote(s):India;2009to2023Source(s):BCGIndia;CapitalineReturnonassetsofnon-bankingfinancecompanies(NBFCs)acrossIndiafromfinancialyear2019to2023ReturnonassetsofNBFCsIndiaFY2019-20233.0%2.6%2.4%2.4%2.5%2.0%1.5%1.0%0.5%0.0%2.1%1.8%FY2019FY2020FY2021FY2022FY202311Description:Infinancialyear2023,thereturnonassetsofNon-BankingFinanceCompanieswas2.6percentinIndia.Thiswasasignificantincreasefromthevalueinfinancialyear2022ofabout2.1percent.ReadmoreNote(s):India;FY2019

toFY2023Source(s):BCGIndia;CapitalineNetprofitofNBFCsfromfinancialyear2017to2023(inbillionIndianrupees)NetprofitofNBFCsinIndiaFY2020-2023700600500400597447.23430391.713863143002001000171.06FY2017FY2018FY2019FY2020FY2021FY2022FY202312Description:Inthefinancialyear2023,thenonbankingfinancialcompanies(NBFCs)sectorinIndiareportedanetprofitofaround597billionIndianrupees.Inthelastyear,anetprofitof430billionwasreportedfortheNBFCsector.ReadmoreNote(s):India;FY2017toFY2023Source(s):BCGIndia;CapitalineCHAPTER

03BorrowingsandcreditsNon-bankingfinancialcompanies(NBFCs)borrowinginIndiaasoffinancialyear2023,bysource(intrillionIndianrupees)NBFCborrowinginIndiaFY2023,bysourceAmountintrillionIndianrupees02468101211.3311.1BankborrowingsDebenturesOtherborrowings3.88Inter-corporateborrowingsBorrowingfromforeigninvestorsCommercialpapers1.050.90.840.73SubordinatedebtsBorrowingfromgovernment0.1914Description:Asoftheendoffiscalyear2023,non-bankingfinancialcompanies(NBFC)borrowingsfrombanksanddebenturesamountedtoover11trillionIndianrupeeseach.Incontrast,governmentborrowingamountedto190billionIndianrupeesonly.

ReadmoreNote(s):India;asofFY2023Source(s):KPMGIndia;ReserveBankofIndiaCostofborrowingfornon-bankingfinancialcompanies(NBFCs)fromfinancialyear2018to2023NBFCscostofborrowingIndiaFY2018-FY202310%8.9%8.8%9%8%7%6%5%4%3%2%1%0%8.6%8.1%7.2%7.1%FY2018FY2019FY2020FY2021FY2022FY2023*15Description:Duringthefirsthalfofthefinancialyear2023,thecostofNBFCborrowingsinIndiawasaroundsevenpercent.Itwasestimatedtosurpasseightpercentbytheendofthefiscalyear.TherisinginterestratesareexpectedtoincreasethecostofborrowingfortheNBFCs.ReadmoreNote(s):India;FY2018toFY2023;*H1FY20123India'sfinancialyearbeginsinAprilandendsinMarch.Forexample,FY2022startedinApril2021andendedinMarch2022.ReadmoreSource(s):ASSOCHAM;Crisil;Varioussources(Companydata)Shareofnon-bankingfinancialcompanies(NBFCs)creditinIndiainthefinancialyear2024,bysectorShareofNBFCscreditinIndiaFY2024,bysectorAgriculture13%Retailloans33%Industry25%Services29%16Description:Forthefinancialyear2024,retailloanswereprojectedtohavethelargestshareofcreditissuedbynon-bankingfinancialcompanies(NBFC)inIndia.Theservicessectorwasprojectedtobethesecond-largestbeneficiaryoftheNBFCcredit.

ReadmoreNote(s):India;FY2024;projectedvaluesSource(s):Crisil;ManbaFinance;ReserveBankofIndiaAmountofloansandadvancesbynonbankingfinancialcompanies(NBFCs)inIndiaasofSeptember2023,bysector(inbillionU.S.dollars)AmountofloansandadvancesbyNBFCsinIndiaSeptember2023,bysectorLendinginbillionU.S.dollars020406080100120140160180IndustryRetailLoans165147OtherNon-foodcreditServices7261AgricultureandAlliedActivities917Description:AsofSeptember2023,thenon-bankingfinancialcompanies(NBFCs)inIndiahadgivenoutatotalof455billionU.S.dollarsinloansandadvances.Thehighestlendingwasdirectedtowardstheindustrysector,reaching165billionU.S.dollars,whilelendingtoagricultureandalliedindustriesamountedtoninebillionU.S.dollars.ReadmoreNote(s):India;AsofSeptember2023Source(s):EYNon-bankingfinancialcompanies(NBFCs)retailcreditinIndiaforfinancialyear2018and2022,withprojectionuntil2025(intrillionIndianrupees)NBFCsretailcreditinIndiaFY2018-2025252320151051816110FY2018FY2022FY2023*FY2025**18Description:Inthefinancialyear2023,non-bankingfinancialcompaniesretailcreditinIndiawasestimatedto18trillionIndianrupees.Itwasprojectedtofurtherincreaseto23trillionIndianrupeesbyfiscalyear2025.ReadmoreNote(s):India;FY2018andFY2022;*Estimatedvalues

**Projectedvalues

Retailcreditincludeshousingfinance,autofinance,microfinance,goldloans,constructionequipmentfinance,consumerdurablefinance,MSMEloansandeducation[...]ReadmoreSource(s):KPMGIndia;ReserveBankofIndiaEstimateddistributionofnon-bankingfinancialcompanies(NBFC)creditinIndiainthefinancialyear2023,byassetclassEstimateddistributionofNBFCcreditinIndiaFY2023,byassetclassShareofNBFCcredit0%5%10%15%20%25%24%30%InfrastuctureHousingAuto27%12%12%WholesaleMicrofinanceMSME8%8%3%Gold4%Others19Description:Inthefinancialyear2023,itisestimatedthatIndiannon-bankingfinancialinstitutions(NBFCs)allocatedapproximately27percentoftheircredittohousing-relatedfinance.Furthermore,anestimated24percentoftheNBFCcreditwasdirectedtowardsinfrastructure..ReadmoreNote(s):FY2023Source(s):KPMGIndia;ReserveBankofIndiaCHAPTER

04TypesofNBFCGrossnon-performingassets(GNPA)ofnon-bankingfinancialcompanies(NBFCs)inIndiainthefinancialyear2023,bycompanytypeGrossnon-performingassetsofNBFCsinIndiaFY2023,bycompanytype4.0%3.5%3.6%3.1%3.0%2.5%2.0%1.5%1.0%0.5%0.0%2.3%2%DiversifiedGoldHousingfinancecompaniesMicrofinanceinstitutions21Description:Inthefinancialyear2023,thegrossnon-performingassets(GNPA)ofdiversifiednon-bankingfinancialcompanies(NBFCs)stoodat3.6percent.Incontrast,microfinancecompanieshadthelowestGNPAoftwopercent.

ReadmoreNote(s):India;FY2023Source(s):BCGIndiaNetinterestmarginofnon-bankingfinancialcompanies(NBFCs)inIndiainthefinancialyear2023,bycompanytypeNetinterestmarginofNBFCsinIndiaFY2023,bycompanytype12%10.1%9.9%10%8%6%4%2%0%7.9%2.8%MicrofinanceinstitutionsGoldDiversifiedHousingfinancecompanies22Description:Inthefinancialyear2023,thenetinterestmarginofmicrofinanceinstitutionswashighestat10.1percentinIndia.Incontrast,housingfinancecompanieshadthelowestnetinterestmarginof2.8percent.Netinterestmarginisthedifferencebetweentheinterestincomegeneratedandtheamountofinterestpaidoutbyaninstitution.ReadmoreNote(s):India;FY2023Source(s):BCGIndia;CapitalineCreditcostofnon-bankingfinancialcompanies(NBFCs)inIndiainthefinancialyear2023,bycompanytypeCreditcostofNBFCsinIndiaFY2023,bycompanytype3.5%3%3.0%2.5%2.0%1.5%1.0%0.5%0.0%1.5%0.4%0.1%GoldMicrofinanceinstitutionsDiversifiedHousingfinancecompanies23Description:Inthefinancialyear2023,thecreditcostofmicrofinanceinstitutionswashighestatthreepercentinIndia.Incontrast,goldnon-bankingfinancialcompanieshadthelowestcreditcostof0.1percent.Creditcostreflectstheactualfinancialimpactofcreditriskbyaccountingforprovisions,write-offs,collectionexpenses,loanrestructuringcosts,andinterestincomeloss.ReadmoreNote(s):India;FY2023Source(s):BCGIndia;CapitalineReturnonassetsofnon-bankingfinancialcompanies(NBFCs)inIndiainthefinancialyear2023,bycompanytypeReturnonassetsofNBFCsinIndiaFY2023,bycompanytype6.0%4.8%5.0%4.0%3.0%2.0%1.0%0.0%3.7%2.9%2%GoldMicrofinanceinstitutionsDiversifiedHousingfinancecompanies24Description:Inthefinancialyear2023,thereturnonassetsofgoldnon-bankingfinancialcompanieswashighestat4.8percentinIndia.Incontrast,housingfinancecompanieshadthelowestreturnonassetsoftwopercent.ReadmoreNote(s):India;FY2023Source(s):BCGIndia;CapitalineCHAPTER

05MajorplayersLeadingnon-bankingfinancialcompanies(NBFCs)inIndiaasofApril2024,bymarketcapitalization(inbillionIndianrupees)LeadingNBFCsinIndia2024,bymarketcapitalizationinbillionIndianrupees05001,0001,5002,0002,5003,0003,5004,0004,5004,451.335,000BajajFinanceIRFC1,932.18CholaInvestmentShriramFinanceBajajHoldings1,023.88948.88904.93663.84478.39MuthootFinanceSundaramFinanceLarsonandToubroFinancePoonawallaFinanceM&MCapital423.74385.22368.6826Description:AsofApril2023,BajajFinancewastheleadingnon-bankingfinancialcompanyinIndiawithmarketcapitalization(atBSE)ofaround4450billionIndianrupees.IRFCfollowedwithmarketcapitalizationofaround1930billionIndianrupees.ReadmoreNote(s):India;asofApril2024;marketcapitalizationatBSESource(s):BSE(India);MoneycontrolProfitaftertax(PAT)ofBajajFinanceLimitedfromfinancialyear2018to2023(inbillionIndianrupees)ProfitaftertaxBajajFinanceLimitedFY2018-202314012010080115.0870.286052.6444.239.954020024.96FY2018FY2019FY2020FY2021FY2022FY202327/statistics/1331643/india-bajaj-finance-profit-after-taxBajajFinanceLimited,anIndiannon-bankingfinancialcompanyandasubsidiaryofBajajFinserv,earnedaprofitaftertaxofaround115billionIndianrupeesinthefinancialyear2023.Thiswasanincreasefromlastyear'sPATofaround70billionrupees.ReadmoreNote(s):Ind