It is true that the share of incremental credit flows to non-financial corporates is nowadays more or less equally split between bank and non-bank sources.
But, even among all its peers, the share of the stock of private non-financial sector credit coming from banks is the highest in India. In fact, just about 5% of it comes from non-bank sources. No other major country has this skewed distribution.
Further, the stock of credit to non-financial sectors from all sectors at market value as a share of GDP has hardly changed in India over the past 16 years and is well below the average for emerging economies.