RBI Data: Gold Loans Jump 128% YoY, Non-Food Credit Expands 14%; Export Credit Shrinks 17.2%

Gold loans recorded a sharp rise in January, contributing to stronger overall non food credit growth, according to latest data released by the Reserve Bank of India (RBI). 

Gold Loans Lead Credit Expansion in January 

Gold loans more than doubled year on year in January, rising 128% compared with 91% growth in January 2025.  

The increase in gold-backed lending played a key role in pushing overall non food credit growth to 14%, up from 11% recorded a year earlier. The data was published by the Reserve Bank of India in its monthly sectoral credit report. 

Retail and Corporate Credit Trends 

Retail loans grew 15% year on year in January, compared with 12% growth in the same month last year.  

Within retail, education loans expanded 14%, slightly lower than the 16% growth recorded a year earlier. Corporate sector credit growth improved to 12%, up from 8% in January 2025. 

Read More: Gold Loan Sector Grows 42% As High Gold Prices and Rising Demand Fuel Expansion! 

Sector Wise Performance 

Loans to the renewable energy sector increased 62%, making it the 2nd fastest growing segment during the month.  

Within industrial credit, gems and jewellery and engineering sectors recorded 36% year-on-year growth each, emerging as the fastest growing industry segments. 

Export Credit Contracts Amid Trade Uncertainty 

Export credit declined 17.2% year on year in January, reversing the 7% growth recorded in the corresponding period last year. The contraction reflects the impact of global trade uncertainties and tariff-related developments. 

Conclusion 

Gold loans were the primary driver of January’s credit expansion, rising 128% year on year and contributing to overall non food credit growth of 14%. While retail and corporate lending showed improvement, export credit contracted amid external trade pressures. 

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