Business
Lenders shift to secured credit with gold and business loans growing fastest in Q2FY26 – The Times of India
MUMBAI: Lenders shifted toward secured credit and established borrowers in Q2 FY26, reflecting a tactical move toward asset quality and risk control. According to the CRIF High Mark report, banks and NBFCs increased exposure to secured products, reduced lending to new borrowers, and expanded credit selectively to businesses, especially sole proprietors.Gold loans recorded the fastest growth among major retail products. The portfolio rose 35.8% YoY and 8.6% QoQ to Rs.14,50,000 crore in Sep 2025. Origination value grew 53.0% YoY, and loans above Rs.5,00,000 accounted for the largest share at 30.3% of value. Asset quality improved across lenders because the loans are backed by collateral and subject to tighter norms.“With regulators and banks tightening norms on unsecured lending, especially in the personal and microfinance segments, many individuals and small businesses are turning to gold loans as a reliable and convenient financing option,” said George Alexander Muthoot, MD, Muthoot Finance.Home loans continued to expand, with the portfolio rising 11.1% YoY and 2.1% QoQ to Rs.42,10,000 crore. The average ticket size stood at Rs.33.2 lakh from in Q2 FY26 up sharply from Rs 31.4 lakh in the preceding quarter and Rs 31 lakh a year ago . Loans above Rs.75,00,000 made up 39.4% of origination value, up from 35.0% a year earlier. PSU banks led this shift and held 50.0% of total origination value, overtaking private banks.Lenders curtailed unsecured credit expansion and became more selective about new-to-credit borrowers. The new-to-credit (NTC) share fell across products. Credit card issuance continued a two-year decline, dropping to 44.0 lakh in the quarter. Anil Rawat, risk head for consumer durables, credit cards, and personal loans at IDFC FIRST Bank, said, “Credit card originations fell in FY25, following two years of high growth, as lenders are becoming ever more selective and tech-driven, balancing growth with risk prudence.“Despite tighter standards for unsecured loans, business credit expanded. Loans to sole proprietors grew 24.6% YoY and 6.0% QoQ, taking the portfolio to Rs.46,70,000 crore. Origination value rose 11.4% YoY and 15.9% QoQ to Rs.4,75,100 crore, indicating strong demand in small enterprises.Personal loans entered a more measured phase. The portfolio grew 12.0% YoY, and origination value rebounded 32.0% QoQ to Rs.2,92,000 crore. PSU banks drove growth in loans above Rs.10,00,000, which formed 37.4% of value. NBFCs dominated volume with a 91.4% share, reflecting their focus on smaller loans. Manhish Kumar Gupta, chief executive for urban unsecured assets, payments and partnerships at L&T Finance, said, “India’s personal loan industry has shifted from high-velocity growth to disciplined, quality-first expansion.“Vehicle finance showed a revival. Auto loan portfolios grew 16.3% YoY, and originations rose 17.7% QoQ. Vivek Chopra, COO-retail at Tata Capital, said, “GST 2.0 materially recalibrated vehicle affordability, favorable harvest after strong monsoon led to pent up rural demand and lastly, reinforced demand due to early festive pull-through and positive sentiments.” Two-wheeler loan portfolios grew 14.9% YoY, with borrowers moving toward higher-value vehicles. Loans in the Rs.1,00,000 to Rs.1,50,000 range increased their share from 21.2% to 29.0% over two years.Asset quality improved in mid-stage delinquency buckets, but stress persisted in select segments. Auto loans were the only major category where the portfolio-at-risk (PAR) in the 31-180 days overdue bucket worsened, rising from 2.8% to 3.1%, driven by higher NBFC delinquencies. Two-wheeler loans recorded a PAR 31-180 of 5.5%, mainly in rural and MFI-linked segments. Credit cards had the highest delinquency at 4.1%. Private banks saw PAR 31-90 inch up to 2.25% but recorded improvement in PAR 91-180.
Pakistan Stock Exchange (PSX) on Friday staged a strong comeback, breaking the long bearish momentum as snowballing forex reserves have lifted investor sentiment.
During intraday trading, the PSX’s benchmark KSE-100 index gained a whopping 3,146.23 points to climb to 184,602.56 points, marking a positive change of 1.70%.
Out of 562 active companies, share prices of 375 advanced and of 67 declined while rates of 120 companies remained unchanged.
Economic analysts said the uptick offered some breathing space for the economy, even as the country continued to keep a close watch on external inflows and outflows.
Pakistan’s foreign exchange reserves inched up by $16 million over the past week, according to figures released by the State Bank of Pakistan.
The central bank said its official reserves rose from $16.0557 billion to $16.0718 billion, showing a modest gain during the week.
Overall, the country’s total reserves climbed to $21.2484 billion.
The State Bank also noted that commercial banks’ holdings went up by $5.6 million, reaching $5.1927 billion.
The central bank projects the FY26 current account deficit at 0–1% of GDP and sees reserves at $17.8 billion by June 2026 with planned official inflows.
A day earlier, the stock exchange dropped by over 1,100 points due to massive selling pressure.
The PSX had extended losses after recording an increase for a brief period as investors seemed cautious amid rising geopolitical tensions involving Iran.
During intraday trading, the KSE-100 index touched 183,717.53 due to strong buying in the early sessions before it turned bearish by losing 69.29 points to close at 182,500.52 points.
International officials have warned that US military intervention in Iran now appears likely and could take place within the next 24 hours amid sharply escalating tensions in the Middle East.
American, European and Israeli sources said preparations for possible action were under way as Washington began evacuating personnel from its major air base in Qatar.
NEW DELHI: People with job cards assigned under Mahatma Gandhi National Rural Guarantee Scheme will be able to get work without disruption when transition takes place to new rural employment framework under Viksit Bharat-Guarantee for Rozgar and Aajeevika Mission (Gramin) Act.Even though exact timeframe is not known yet, rural development ministry officials said the VB-G RAM G scheme will come into force in the coming financial year after the Centre frames and notifies the rules. After govt notifies the Act’s commencement date, states will get six months to make their schemes to enable implementation of the law.To ensure there is no disruption and job guarantee is upheld during transition from MGNREGA, it has been proposed to enable workers to use the same job cards issued under MGNREGA with Aadhaar-based eKYC.The officials said that as of now, around 75% of job cards have been verified with eKYC under the ongoing scheme. Moreover, ongoing projects under MGNREGA, if incomplete when the transition happens to the new scheme, would stay on course.Meanwhile, work is on to frame rules, lay out regulations on normative allocations, fund flow plan, IT framework, a national-level steering panel and social audits.Under the new law, focus will be on transparency to weed out leakages and duplicacy of work,the social audit system will be strengthened, and technology leveraged to create systems to establish work progress, timely wage payment and accountability through ‘e-measurement’ books, sources said. Demand for work will have to be entered on a digital platform. Officials made it clear the new law in no way interferes with demand-driven character of the scheme.
Business
Gurugram Attracts Rs 86,588 Crore In Real Estate Investments In 2025 As RERA Clears 131 Projects
Last Updated:
Alongside rising investments, Gurugram RERA strengthened regulatory oversight to safeguard homebuyer and investor interests
Gurgaon Real Estate (Representative Image)
Gurugram emerged as one of India’s top real estate investment destinations in 2025, with projects worth Rs 86,588 crore receiving regulatory approvals during the year, according to data from the Gurugram Real Estate Regulatory Authority (Gurugram RERA).
Market observers said the numbers reflect strong investor confidence in the NCR’s largest commercial and residential hub.
Gurugram RERA registered 131 projects in calendar year 2025, representing development potential of 35,455 units across housing and commercial segments.
A striking feature of the data was the dominance of large-ticket projects. Just 28 major developments accounted for investments worth Rs 59,360 crore, highlighting the growing influence of institutional capital and large developers in shaping Gurugram’s property market.
Residential assets continued to attract the bulk of investment interest. Of the total units approved, 31,455 were residential, underscoring sustained end-user demand and long-term confidence in the city’s housing fundamentals.
According to Authority data, the residential mix included 17,405 group housing units, 5,720 mixed land use units, 4,040 residential floor units, 2,122 affordable group housing units, 1,954 units under the Deen Dayal housing scheme, and 214 residential plotted colony units.
Market observers said this diversified supply pipeline indicates capital deployment across both premium and mass segments, helping reduce concentration risk and deepen market resilience.
On the commercial side, Gurugram RERA approved about 4,000 commercial units, of which 168 were dedicated to IT parks, reinforcing Gurugram’s position as a preferred hub for technology firms and Global Capability Centres.
Analysts noted that the combination of office-led employment growth and residential expansion continues to make Gurugram attractive for long-term capital deployment.
Industry experts said the scale of investments approved in 2025 highlights Gurugram’s ability to attract capital despite global uncertainty, supported by infrastructure growth, a strong corporate base and an improving regulatory environment.
“With a large pipeline of approved projects and sustained interest from developers and institutional investors, Gurugram is expected to remain a key real estate investment destination in the coming years,” a Gurugram-based real estate expert said.
Tighter regulatory checks
Alongside rising investments, Gurugram RERA strengthened regulatory oversight to enhance transparency and safeguard homebuyer and investor interests.
“These steps included stricter scrutiny of developer submissions, mandatory site inspections by domain experts, and public consultation through mandatory notices before project registration,” an Authority official said.
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January 16, 2026, 07:44 IST
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