"The credit extended by banks to NBFCs has exhibited a consistent upward trend for close to six years and continued its acceleration along with the phased reopening of economies after the Covid-19 pandemic. This growth momentum further accelerated during FY2023 and continued in H1 FY2024," CareEdge Ratings wrote in the report. The merger of HDFC Limited and HDFC bank reduced outstanding exposure of banks to NBFCs, although growth rate was maintained. (US$1 = IDR83.06)