RBI releases list of NBFCs in the Upper Layer under Scale Based Regulation for NBFCs

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( 385 kb ) Date : Aug 06, 2026 RBI releases list of NBFCs in the Upper Layer (NBFC-UL) under Scale Based Regulation for NBFCs

The Reserve Bank of India announced today the list of NBFCs in the Upper Layer under Scale Based Regulation for NBFCs for the year 2026-27 with reference to financials as on March 31, 2026.

2. The Reserve Bank has issued the regulatory framework under Scale Based Regulation for NBFCs which is contained in the Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025 (hereinafter referred to as ‘the framework’). The framework categorises NBFCs in Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL) and provides the criteria to identify the NBFCs in the Upper Layer. A review of the criteria for identification of NBFC-UL was undertaken during 2025-26 and hence, the list of NBFC-UL for the year 2025-26 was not issued. Subsequent to the issue of the revised criteria, the list of NBFC-UL for the year 2026-27 has been prepared based on the revised criteria.

3. Accordingly, the 2026-27 list of NBFC-UL is as under:

Sr. No.

Name of the NBFC

Category of the NBFC

REC Limited

Infrastructure Finance Company

Power Finance Corporation Limited

Infrastructure Finance Company

Indian Railway Finance Corporation Limited

Infrastructure Finance Company

Bajaj Finance Limited

Deposit taking NBFC-ICC

Shriram Finance Limited

Deposit taking NBFC-ICC

LIC Housing Finance Limited

Deposit taking HFC

Cholamandalam Investment and Finance Company Limited

Non-deposit taking NBFC-ICC

Tata Capital Limited

Non-deposit taking NBFC-ICC

Tata Sons Private Limited 1

Core Investment Company

Muthoot Finance Limited

Non-deposit taking NBFC-ICC

Aditya Birla Capital Limited

Non-deposit taking NBFC-ICC

Housing and Urban Development Corporation Limited

Infrastructure Finance Company

Mahindra & Mahindra Financial Services Limited

Deposit taking NBFC-ICC

L&T Finance Limited

Non-deposit taking NBFC-ICC

Bajaj Housing Finance Limited

Non-deposit taking HFC

HDB Financial Services Limited

Non-deposit taking NBFC-ICC

Piramal Finance Limited

Non-deposit taking NBFC-ICC

NBFC-ICC : Non-Banking Financial Company – Investment and Credit Company; HFC : Housing Finance Company;

4. Further, in terms of the framework, once an NBFC is classified as NBFC-UL, it shall be subject to enhanced regulatory requirement, at least for a period of five years from its classification in the layer, even in case it does not meet the criteria in the subsequent year/s. Accordingly, the following NBFCs which were identified as NBFC-UL in previous exercises but do not meet the criteria in the current exercise, would continue in NBFC-UL and be subject to enhanced regulatory requirement of NBFC-UL.

Sr. No.

Name of the NBFC

Category of the NBFC

Last identified as NBFC-UL

PNB Housing Finance Limited

Deposit taking HFC

2024-25 list of NBFC-UL ( Press Release dated January 16, 2025 )

Sammaan Capital Limited

Non-deposit taking NBFC-ICC

2024-25 list of NBFC-UL ( Press Release dated January 16, 2025 )

(Brij Raj)

Chief General Manager Press Release: 2026-2027/823 1 Inclusion of Tata Sons Private Limited in the list of NBFC-UL is without prejudice to the outcome of its application for de-registration, which is under examination.

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