RBI adds 4 PSUs to NBFC upper layer list; retains Tata Sons
This story was originally published at 19:07 IST on 6 August 2026
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--RBI releases list of NBFCs in the Upper Layer under scale-based regulation
--RBI: 17 NBFCs in current Upper Layer list, including REC, PFC, Tata Sons
--RBI: PNB Housing, Samaan Cap to be subject to NBFC-Upper Layer regulations
--RBI: PNB Housing, Samaan Cap not in current list of NBFC-Upper Layer
--RBI:Tata Sons in Upper Layer list without prejudice to de-registration ask
MUMBAI – The Reserve Bank of India Thursday added four public-sector undertakings to its 2026-27 (Apr-Mar) list of non-banking financial companies classified as "upper layer". The additions are REC Ltd., Power Finance Corp. Ltd., Indian Railway Finance Corp. Ltd., and Housing and Urban Development Corp. Ltd. With this, the number of non-banking financial companies classified as upper layer stands at 17.
The central bank also retained Tata Sons Pvt. Ltd.'s classification as an upper layer non-banking financial company. However, the inclusion of Tata Sons in the list is without prejudice to the outcome of its application for de-registration, which is under examination, the RBI said. The classification gained attention as the company in 2024 had applied to surrender its registration as a core investment company, with the application still pending with the central bank.
Under the revised norms that came into effect in June, the RBI has fixed an asset size of INR 1-trillion and above as the criterion to identify non-banking financial companies in the upper layer. These entities are subject to stricter regulatory supervision and are required to be listed on the stock exchanges within three years of identification.
The central bank did not include PNB Housing Finance Ltd. and Sammaan Capital Ltd. in the current list of upper layer non-banking financial companies, saying they did not meet the criteria in the current excercise. However, the companies continue to be Upper-Layer non-banking financial companies and will be subject to enhanced regulatory requirement, it added.
Following is the list of non-banking financial companies in the upper layer under scale-based regulation for non-banking financial companies for FY27:
| Non-Banking Financial Company | Category of the company |
| REC Ltd. | Infrastructure finance company |
| Power Finance Corp. Ltd. | Infrastructure finance company |
| Indian Railway Finance Corp. Ltd. | Infrastructure finance company |
| Bajaj Finance Ltd. | Deposit-taking non-banking finance company, investment and credit company |
| Shriram Finance Ltd. | Deposit-taking non-banking finance company,investment and credit company |
| LIC Housing Finance Ltd. | Deposit-taking housing finance company |
| Cholamandalam Investment and Finance Co. Ltd. | Non-deposit-taking non-banking financial company, investment and credit company |
| Tata Capital Ltd. | Non-deposit-taking non-banking financial company, investment and credit company |
| Tata Sons Pvt. Ltd. | Core investment company |
| Muthoot Finance Ltd. | Non-deposit-taking non-banking financial company, investment and credit company |
| Aditya Birla Capital Ltd. | Non-deposit-taking non-banking financial company, investment and credit company |
| Housing and Urban Development Corporation Ltd. | Infrastructure finance company |
| Mahindra & Mahindra Financial Services Ltd. | Deposit-taking non-banking finance company, investment and credit company |
| L&T Finance Ltd. | Non-deposit-taking non-banking financial company, investment and credit company |
| Bajaj Housing Finance Ltd. | Non-deposit-taking housing finance company |
| HDB Financial Services Ltd. | Non-deposit-taking non-banking financial company, investment and credit company |
| Piramal Finance Ltd. | Non-deposit-taking non-banking financial company, investment and credit company |
End
Reported by Pratiksha
Edited by Rajeev Pai
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