Trade and NBFC credit are expected to remain among the fastest-growing segments of India's banking system, supported by rising formalisation of economic activity, deeper financial penetration and the expanding reach of organised lenders, according to a report by Ashika Institutional Equities. The report said continued adoption of GST, digital payments and cash-flow-based underwriting will support credit expansion, while banks are likely to increasingly favour well-capitalised NBFCs with diversified funding profiles and healthy asset quality.