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Free Press Journal

India’s gold loan portfolio seen rising to ₹30 lakh crore by March 2028, Icra says

AI Market Summary
Icra expects India's gold-loan portfolio to expand to ₹30 lakh crore by FY28, with NBFCs gaining share as lenders scale branches and acquisitions. The outlook highlights sustained demand for gold as highly liquid collateral, implying structurally supportive physical and financing demand dynamics. Icra also flags margin pressure from rising competition, but limited credit losses due to collateral quality keep the sector's risk profile contained.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.43%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Icra expects India’s overall gold loan portfolio to grow to ₹30 lakh crore by March 2028 from ₹18 lakh crore in March 2026. The agency said non-banking finance companies (NBFCs) are set to outpace banks, with NBFC gold-loan AUM projected to grow 35 per cent annually over the next two years and their market share edging up to 23 per cent. Icra warned that intensifying competition could pressure yields and cap profitability gains for lenders.
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