The monthly data on bank credit to various sectors is now available till September 2018. Chart 1 shows the scorching pace of bank credit growth to non-banking financial companies (NBFCs) continued in September, although the Infrastructure Leasing and Financial Services Ltd’s (IL&FS) debacle had come to light in that month. Chart 2 shows bank credit going to NBFCs as a percentage of total bank credit. The data shows that banks had hugely increased their credit to NBFCs this year. No wonder turning the tap off is causing so much turmoil.