Complied AIComplied AI
RBI05 Aug 2026press-releasePrepared by Complied AI

List of NBFCs in the Upper Layer under Scale Based Regulation

Official title

RBI releases list of NBFCs in the Upper Layer (NBFC-UL) under Scale Based Regulation for NBFCs

Official record

Open source pageOpen official PDF

AI-prepared change brief

Check the official record

What changed

The Reserve Bank of India has released the list of Non-Banking Financial Companies (NBFCs) classified in the Upper Layer (NBFC-UL) for the 2026-27 financial year, based on financials as of March 31, 2026. This classification follows the revised criteria established under the Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025. Entities identified as NBFC-UL are subject to enhanced regulatory requirements for a minimum period of five years from their classification, regardless of whether they meet the criteria in subsequent years. Consequently, certain entities previously identified as NBFC-UL will remain in this layer despite not meeting the current criteria.

Who is affected
  • NBFCs identified in the Upper Layer (NBFC-UL) for 2026-27.
  • NBFCs previously identified as NBFC-UL that continue to be subject to enhanced regulatory requirements.
Required action
  • NBFCs classified as NBFC-UL must comply with enhanced regulatory requirements for at least five years.
Key dates
  • Announcement date of the NBFC-UL list — 05 Aug 2026
Exceptions
  • The inclusion of Tata Sons Private Limited is subject to the outcome of its de-registration application.
Consequences
  • Classification as an NBFC-UL mandates adherence to enhanced regulatory requirements.

Prepared automatically from the captured official document and checked against source evidence. This is not an independent professional review. See how briefs are prepared. Verify material decisions against the official record.

Source details

Source
Reserve Bank of India
Type
press-release
Published by source
05 Aug 2026
Document number
2026-2027/823
Issuing division
Department of Communication
Coverage area
banking

Document text

Prepared for reading; wording retained from the source.

Verify official record

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.

  1. 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.

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

Sr. No.Name of the NBFCCategory of the NBFC
1REC LimitedInfrastructure Finance Company
2Power Finance Corporation LimitedInfrastructure Finance Company
3Indian Railway Finance Corporation LimitedInfrastructure Finance Company
4Bajaj Finance LimitedDeposit taking NBFC-ICC
5Shriram Finance LimitedDeposit taking NBFC-ICC
6LIC Housing Finance LimitedDeposit taking HFC
7Cholamandalam Investment and Finance Company LimitedNon-deposit taking NBFC-ICC
8Tata Capital LimitedNon-deposit taking NBFC-ICC
9Tata Sons Private Limited1Core Investment Company
10Muthoot Finance LimitedNon-deposit taking NBFC-ICC

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

Sr. No.Name of the NBFCCategory of the NBFC
11Aditya Birla Capital LimitedNon-deposit taking NBFC-ICC
12Housing and Urban Development Corporation LimitedInfrastructure Finance Company
13Mahindra & Mahindra Financial Services LimitedDeposit taking NBFC-ICC
14L&T Finance LimitedNon-deposit taking NBFC-ICC
15Bajaj Housing Finance LimitedNon-deposit taking HFC
16HDB Financial Services LimitedNon-deposit taking NBFC-ICC
17Piramal Finance LimitedNon-deposit taking NBFC-ICC

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

  1. 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 NBFCCategory of the NBFCLast identified as NBFC-UL
1PNB Housing Finance LimitedDeposit taking HFC2024-25 list of NBFC-UL (Press Release dated January 16, 2025)
2Sammaan Capital LimitedNon-deposit taking NBFC-ICC2024-25 list of NBFC-UL (Press Release dated January 16, 2025)

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

Research the source law

Find the provision behind this update.

No high-confidence provision match was found. Browse the law library, choose the affected provision and ask against the exact statutory text.

Browse source laws

Related RBI updates