India's Revolving Credit

On 6 Aug 2026 the Reserve Bank proposed deleting the redraw: non-banks may lend term, or not at all, and comments close on the 28th. Nobody can say what is being deleted. No regulator, bureau or rating agency counts revolving exposure at Indian non-banks, and the one industry figure in circulation cannot be assembled from the bottom up. This report reads the clause, sizes what can actually be sized, and prices the consultation.

• 0: Independent series counting the affected book
• 13–31%: Range on one lender's flexi share of assets
• ₹32,000cr: Value erased at Bajaj Finance, close to close, 7 Aug
• 28 Aug: Comment window on the draft closes

v1.0 · August 2026 · Credit Research · Medium confidence · 52 min read.

Cite this: Gravitywell Research. "India's Revolving Credit." Aug 2026. https://www.gravitywellresearch.xyz/research/nbfc-revolving-credit

Source: Gravitywell Research, https://www.gravitywellresearch.xyz/research/nbfc-revolving-credit