The Reserve Bank of India on Thursday, August 6, 2026, released its list of non-banking financial companies in the Upper Layer under the Scale Based Regulation framework for NBFCs for 2026-27.
The list has been prepared with reference to the companies’ financials as on March 31, 2026. The RBI said the 2026-27 list follows revised criteria for identifying NBFCs in the Upper Layer.
What the Upper Layer list covers
The RBI’s Scale Based Regulation framework for NBFCs is contained in the Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025. Under this framework, NBFCs are placed in four layers: Base Layer, Middle Layer, Upper Layer and Top Layer.
The framework also sets the criteria for identifying NBFCs in the Upper Layer. The RBI said a review of these criteria was carried out during 2025-26. Because of that review, the Upper Layer list for 2025-26 was not issued. The 2026-27 list has now been prepared after the revised criteria were issued.
NBFCs named in the 2026-27 Upper Layer list
The RBI named 17 NBFCs in the Upper Layer for 2026-27:
- 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
The RBI clarified that NBFC-ICC refers to Non-Banking Financial Company – Investment and Credit Company, while HFC refers to Housing Finance Company.
Two earlier identified NBFCs will continue under enhanced rules
The RBI also referred to the rule that once an NBFC is classified as an Upper Layer NBFC, it remains subject to enhanced regulatory requirements for at least five years from that classification. This applies even if the company does not meet the criteria in a later year.
On that basis, two NBFCs that were identified as Upper Layer NBFCs in earlier exercises will continue to be treated as NBFC-UL, although they do not meet the criteria in the current exercise.
- PNB Housing Finance Limited: Deposit taking HFC, last identified in the 2024-25 Upper Layer list issued through the RBI press release dated January 16, 2025.
- Sammaan Capital Limited: Non-deposit taking NBFC-ICC, last identified in the 2024-25 Upper Layer list issued through the RBI press release dated January 16, 2025.
The RBI also stated that Tata Sons Private Limited’s inclusion in the 2026-27 Upper Layer list is without prejudice to the outcome of its application for de-registration, which is under examination.
The press release was issued by Brij Raj, Chief General Manager at the Reserve Bank of India.
Source: Reserve Bank of India Press Releases.