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GST cuts to aid lenders' credit growth: Icra
Financial Express Pune
|September 11, 2025
THE RECENT GST rate cuts, aimed at boosting domestic demand and partly offsetting tariff pressures on exports, will support credit expansion for banks and NBFCs in the near term, analysts at Icra said on Wednesday.
The rating agency expects incremental bank credit flow to rise to ₹19.0-20.5 lakh crore in 2025-26 (April-March), from ₹18 lakh crore in the current fiscal. This translates into year-on-year credit growth of 10.4-11.3% for banks in FY26 and 15-17% for non-bank financial companies (NBFCs). In FY25, bank credit grew 10.9%, while NBFCs reported 17% growth.
Icra's data showed that incremental bank credit growth slowed to ₹3.9 lakh crore in April-August this year, compared with ₹5.1 lakh crore a year earlier, but remains at "satisfactory levels." The agency maintained a stable outlook for banks and NBFCs, barring microfinance, where the outlook is negative, citing adequate capital buffers to absorb unforeseen losses.
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