List of NBFCs in the Upper Layer under Scale Based Regulation

August 6, 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:

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.

ᮧेस ᮧकाशनी PRESS RELEASE

भारतीय ᳯरज़वर् बᱹक RESERVE BANK OF INDIA

वेबसाइट : www.rbi.org.in/hindi संचार िवभाग, कᱶᮤीय कायार्लय, शहीद भगत ᳲसंह मागर्, फोटर्, मुंबई - 400 001 Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort, ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502

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.

(Brij Raj) Chief General Manager Press Release: 2026-2027/823