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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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