Non-banking financial companies – infrastructure finance companies (NBFC-IFCs) grew in line with the system and maintained their market share at around 54% as on December 31, 2022.

The increased demand has coincided with the period during which NBFC-IFCs witnessed receding asset quality pressure, led by a few stressed asset resolutions/recoveries, sizeable write-offs, and curtailed incremental slippages.

The overall infrastructure credit (including banks and non-banks) registered an annualised growth of 8% in 9MFY2023 aided by a sharp pickup in Q3 FY2023, bucking the trend of the previous 18 months, according to ICRA.

Non-banking financial companies – infrastructure finance companies (NBFC-IFCs) grew in line with the system and maintained their market share at around 54% as on December 31, 2022.

The increased demand has coincided with the period during which NBFC-IFCs witnessed receding asset quality pressure, led by a few stressed asset resolutions/recoveries, sizeable write-offs, and curtailed incremental slippages. The stage 3% eased to 3.4% as on March 31, 2022, from the peak of 6.8% as on March 31, 2018. The reported gross stage 3% is expected to moderate further by 10-30 basis points (bps) in FY2024, supported by limited slippages and growth in the book.