RBI identifies 17 NBFCs in upper layer under revised framework; Tata Sons stays on list
07 Aug 2026, 12:04 PMThe RBI clarified that Tata Sons' inclusion is subject to the outcome of its pending application for deregistration as an NBFC.
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The Reserve Bank of India (RBI) has identified 17 non-banking financial companies (NBFCs) in the Upper Layer for FY27 under its revised Scale-Based Regulation (SBR) framework, bringing the entities under stricter regulatory oversight.
The list, based on the financial position of NBFCs as of March 31, 2026, includes REC, Power Finance Corporation (PFC), Indian Railway Finance Corporation (IRFC), Bajaj Finance, Shriram Finance, LIC Housing Finance, Cholamandalam Investment and Finance Company, Tata Capital, Tata Sons, Muthoot Finance, Aditya Birla Capital, Housing and Urban Development Corporation (HUDCO), Mahindra & Mahindra Financial Services, L&T Finance, Bajaj Housing Finance, HDB Financial Services and Piramal Finance.
The RBI clarified that Tata Sons' inclusion is subject to the outcome of its pending application for deregistration as an NBFC.
The central bank did not publish an Upper Layer list for FY26 as it was reviewing the identification criteria. Under the revised framework, eligible NBFCs are identified using updated norms introduced as part of the SBR framework, which classifies NBFCs into four categories, Base Layer, Middle Layer, Upper Layer and Top Layer, based on their size and risk profile.
The RBI also said NBFCs classified in the Upper Layer will remain under the enhanced regulatory framework for at least five years, even if they do not meet the eligibility criteria in subsequent assessments.
As a result, PNB Housing Finance and Sammaan Capital, which were identified as Upper Layer NBFCs in the previous classification exercise, will continue to remain in the category and comply with the stricter regulatory requirements.
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