Document title: RBI releases list of NBFCs in the Upper Layer (NBFC-UL) under Scale Based Regulation for NBFCs
Issuing authority: Reserve Bank of India
Reference number: Press Release 2026‑2027/823
Date: August 6, 2026
Regulatory and policy measures
The Reserve Bank of India issued a press release on 6 August 2026 announcing the list of Non‑Banking Financial Companies (NBFCs) that qualify for the Upper Layer (NBFC‑UL) under the Scale‑Based Regulation framework for the financial year 2026‑27. The list is based on financials as on 31 March 2026 and reflects the revised identification criteria that were reviewed during 2025‑26. The earlier list for 2025‑26 was not issued because the criteria were being revised.
The NBFC‑UL list for 2026‑27 comprises the following seventeen entities:
- 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 (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)
A footnote indicates that the inclusion of Tata Sons Private Limited is without prejudice to the outcome of its application for deregistration, which is under examination.
In addition, the RBI clarified that any NBFC classified as NBFC‑UL will be subject to enhanced regulatory requirements for a minimum period of five years from the date of classification, even if the entity does not satisfy the Upper‑Layer criteria in subsequent years. Consequently, two NBFCs that were identified as NBFC‑UL in the 2024‑25 exercise – PNB Housing Limited (Deposit‑taking HFC) and Sammaan Limited (Non‑deposit taking NBFC‑ICC) – will continue to remain in the Upper Layer and be subject to the enhanced regulatory regime despite not meeting the current criteria.
The press release is signed by the Chief General Manager, Brij Raj.
Overall, the announcement formalises the composition of the Upper Layer for the current financial year, reiterates the five‑year regulatory oversight period for Upper‑Layer entities, and provides continuity for previously classified NBFCs that no longer meet the criteria.