Research trends, themes, and gaps in Indian NBFC literature: a multi-method review approach” using PRISMA-based systematic literature review, bibliometric analysis, and thematic analysis

Abstract Non-Banking Financial Companies (NBFCs) form one of the important contributors to the financial system in India in terms of enhancing access to credit and financial inclusion. Despite its growing significance, academic literature on Indian NBFC is not concentrated and lacks one synthesis of literature trends, thematic focus, and literature gaps. This study bridges this critical gap with a comprehensive multi-method review plan, integrating the PRISMA-formatted systematic literature review, bibliometric analysis, and thematic analysis. PRISMA method was used to select, screen, and evaluate peer-reviewed articles published between 2000 and 2024 to achieve transparency and reproducibility. Bibliometric analysis, facilitated by VOSviewer, brings out seminal authors, essential journals, citations, and dynamic networks of research. Thematic analysis of the existing data shows the common themes of digital transformation, risk management, financial inclusion, regulatory compliance, and customer-oriented innovation. Findings show that there is an unequal consideration on both operational and regulatory efficiency, whereas other areas such as ESG integration, AI-driven risk analytics, and ethical implications of digital lending are yet to be exploited. Based on this review, an effective conceptual foundation of the research and policy making to follow offers interdisciplinary research and more investigation in new technologies and socioeconomic implications of the Indian NBFC industry.