Most of the years, NBFC sector grew faster than banking sector (Chart 3). 3  4  Global Shadow Banking Monitoring Report 2013 (page no. 9). BIS central bankers’ speeches  NBFC sector exhibited counter cyclical movements in 2011–12.
In other words, NBFC sector clocked a growth of 25.7 per cent in 2011–12 although GDP growth decelerated to 6.3 per cent in 2011–12 from 10.5 per cent in 2010–11. 3.2  Credit growth  Credit growth across NBFC and banking sectors is presented in Chart 4. NBFC – credit grew more rapidly as compared with the banking sector.