RBI releases list of NBFCs in the Upper Layer (NBFC-UL) under Scale Based Regulation for NBFCs - आरबीआय - Reserve Bank of India
RBI releases list of NBFCs in the Upper Layer (NBFC-UL) under Scale Based Regulation for NBFCs
The Reserve Bank of India announced today the list of NBFCs in the Upper Layer under Scale Based Regulation for NBFCs for the year 2023-24.
2. The Reserve Bank had issued the Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs (the framework) on October 22, 2021. The framework categorises NBFCs in Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL) and gives the methodology to identify the NBFCs in the Upper Layer as per their asset size and scoring methodology. Accordingly, the 2023-24 list of NBFC-UL is as under:
| Sl. No. | Name of the NBFC | Category of the NBFC |
| 1 | LIC Housing Finance Limited | Deposit taking HFC |
| 2 | Bajaj Finance Limited | Deposit taking NBFC-ICC |
| 3 | Shriram Finance Limited (formerly Shriram Transport Finance Company Limited) | Deposit taking NBFC-ICC |
| 4 | Tata Sons Private Limited | Core Investment Company (CIC) |
| 5 | L & T Finance Limited | Non-deposit taking NBFC-ICC |
| 6 | Piramal Capital & Housing Finance Limited | Non-deposit taking HFC |
| 7 | Cholamandalam Investment and Finance Company Limited | Non-deposit taking NBFC-ICC |
| 8 | Indiabulls Housing Finance Limited | Non-deposit taking HFC |
| 9 | Mahindra & Mahindra Financial Services Limited | Deposit taking NBFC-ICC |
| 10 | Tata Capital Financial Services Limited | Non-deposit taking NBFC-ICC |
| 11 | PNB Housing Finance Limited | Deposit taking HFC |
| 12 | HDB Financial Services Limited | Non-deposit taking NBFC-ICC |
| 13 | Aditya Birla Finance Limited | Non-deposit taking NBFC-ICC |
| 14 | Muthoot Finance Limited | Non-deposit taking NBFC-ICC |
| 15 | Bajaj Housing Finance Ltd. | Non-deposit taking HFC |
3. Despite qualifying for identification as NBFC-UL as per scoring methodology, TMF Business Services Limited (formerly Tata Motors Finance Limited) is not being included in the list of NBFC-UL in the current review due to its ongoing business reorganisation.
4. In terms of the framework, once an NBFC is classified as NBFC-UL, it shall be subject to enhanced regulatory requirement, at least for a period of five years from its classification in the layer, even in case it does not meet the parametric criteria in the subsequent year/s.
(Yogesh Dayal)
Chief General Manager
Press Release: 2023-2024/923
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