New Delhi, Nov. 24 -- The assets under management (AUM) of non-banking financial companies (NBFCs) is set to grow at steady 18-19% this fiscal and the next, and cross the Rs 50 lakh crore mark by March 2027, said Crisil Ratings in a report on Monday.

It said the growth will be driven by whetted consumption demand. "Recent policy measures, such as rationalisation and reduction of goods and services tax (GST) rates, together with benign inflation, will help sustain retail credit demand across asset classes."

However, risk calibration and funding access dynamics will impact growth outlooks differently across entities and asset segments, it said.

The unsecured MSME business loans, which comprise nearly 6% of NBFC AUM, have seen an increase...