Reserve Bank of India released the updated list of Upper Layer Non-Banking Financial Companies (NBFCs) for 2026–27

Reserve Bank of India released the updated list of Upper Layer Non-Banking Financial Companies (NBFCs) for 2026–27

¨     Reserve Bank of India (RBI) released the updated list of Upper Layer Non-Banking Financial Companies (NBFCs) for 2026–27 on 6 August 2026.

¨     The new list contains 17 NBFCs, compared with 15 NBFCs in the previous list.

¨     The list includes Tata Sons Private Limited, four Public Sector Undertakings (PSUs), and several private-sector financial companies.

¨     NBFCs are financial institutions registered under the Reserve Bank of India Act, 1934.

¨     Unlike banks, NBFCs cannot accept demand deposits.

¨     RBI classifies NBFCs under a Scale-Based Regulatory Framework (SBRF).

¨     Under this framework, NBFCs are classified into Base Layer, Middle Layer, Upper Layer and Top Layer.

¨     In June 2026, RBI revised the identification criteria for Upper Layer NBFCs.

¨     Under the revised criteria, NBFCs with an asset size of ₹1 lakh crore or more are eligible for identification in the Upper Layer.

¨     The asset-size threshold is used to identify systemically important entities and subject them to enhanced regulatory supervision.

¨     REC Limited, Power Finance Corporation, Indian Railway Finance Corporation and Housing and Urban Development Corporation were included in the Upper Layer list for the first time.

¨     PNB Housing Finance Ltd. and Sammaan Capital Ltd. were removed from the list after failing to meet the revised asset-size criterion.