Gold Loans Lead Growth in January as Non-Food Credit Rises 14% Year-on-Year

Gold loans surged 128% year-on-year in January 2026, marking the fastest growth among loan products, according to Reserve Bank of India data. Loans to the renewable energy sector grew 62%, the second-fastest increase. Overall non-food credit rose 14%, with retail loans up 15% and corporate sector loans increasing 12%. Export credit declined 17.2% due to US tariff uncertainties. Gems, jewellery, and engineering sectors each saw 36% growth. Bank credit and deposit growth slowed slightly in February compared to January.