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The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of.

Last week, we wrote on how banks are no longer at the centre of the flow of funds to the economy . In FY25, banks accounted for a little over half of the funding that the economy demanded, which is sizeable. But since this share is down from 60 percent in FY23, it’s fair to say banks are ceding ground to other non-bank sources of finance that are primarily the capital markets and non-bank financial companies (NBFCs).

This jams up the Reserve Bank of India’s aim to foster quick transmission of policy measures onto interest r

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