New Delhi, Sept. 21 -- India's financial system is undergoing a major shift as the ways in which borrowers raise funds have expanded far beyond traditional bank loans.

According to a Bank of Baroda press release, total resources raised in the economy have more than doubled in the last five years, reflecting the changing face of resource mobilisation.

The data shows that the total flow of funds increased from Rs 13.58 lakh crore in 2019-20, the year before the pandemic, to Rs 30.08 lakh crore in 2024-25. This represents a compound annual growth rate of 20.9 per cent during the period. Borrowers now range from large corporates to farmers, households, and small enterprises, and the channels they tap into are becoming increasingly diverse....