RBI Lists 17 Upper-Layer NBFCs for FY27; Tata Sons Retained
By Business Desk
The RBI has identified 17 upper-layer NBFCs for FY2026-27, an increase from previous years. Tata Sons retains its spot amidst enhanced regulatory scrutiny.
The Reserve Bank of India (RBI) has officially released its list of non-banking financial companies (NBFCs) designated for the upper layer in the fiscal year 2026-27. This updated roster identifies 17 entities, marking an increase from the 15 NBFCs listed in both FY25 and FY24.
Key Classification Numbers
- A total of 17 NBFCs are on the upper-layer list for FY2026-27.
- This number is up from 15 NBFCs identified in FY25 and FY24.
- The current benchmark for upper-layer classification is at least Rs 1 trillion in assets under management.
New additions to this enhanced regulatory category include REC Ltd, Power Finance Corporation (PFC), and Indian Railway Finance Corporation (IRFC). These companies now face more stringent oversight from the central bank.
Tata Sons’ Continued Listing
Tata Sons remains a part of the upper layer, a status clarified by the RBI as being without prejudice to the outcome of its de-registration application. This application is currently under examination by the regulator, a position first articulated in January 2025.
The continued inclusion of Tata Sons highlights the ongoing regulatory scrutiny despite its efforts to alter its classification. The RBI maintains its stance while the de-registration process unfolds.
Understanding Upper-Layer NBFC Criteria
The RBI initiated a comprehensive review of the criteria used to identify NBFC-UL during the 2025-26 fiscal year. The recently published list for 2026-27 is a direct result of these revised classification standards.
Companies classified in the upper layer are subjected to enhanced regulatory requirements due to their systemic importance. The primary criterion for this designation involves managing at least Rs 1 trillion in assets.
Other Notable Entities and Regulatory Tenure
Beyond the new entrants, several prominent NBFCs continue to feature on the upper-layer list, ensuring their adherence to stricter norms.
- Bajaj Finance
- Shriram Finance
- LIC Housing Finance
- Tata Capital
Interestingly, PNB Housing Finance and Sammaan Capital, previously identified as NBFC-UL, no longer meet the current asset-based criteria. However, regulatory norms dictate that they will remain in the upper layer for a minimum of five years from their initial classification date, ensuring a phased exit from the enhanced regulatory framework.