The Reserve Bank of India (RBI) has announced the list of Non-Banking Financial Companies (NBFCs) classified under the Upper Layer (NBFC-UL) for the financial year 2024-25, as part of its Scale-Based Regulation (SBR) framework.
The regulatory framework categorises NBFCs into four tiers—Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL)—based on asset size and scoring methodology. Entities classified under the Upper Layer are subject to enhanced regulatory oversight, given their systemic importance in the financial sector.
For 2024-25, the RBI has identified 15 NBFCs in the Upper Layer: LIC Housing Finance, Bajaj Finance, Shriram Finance, Tata Sons, Cholamandalam Investment and Finance, L&T Finance, Mahindra & Mahindra Financial Services, Aditya Birla Finance, Tata Capital, Piramal Capital & Housing Finance, PNB Housing Finance, HDB Financial Services, Sammaan Capital, Muthoot Finance and Bajaj Housing Finance.
This classification aims to strengthen risk management practices and ensure financial stability by imposing stricter regulatory requirements on systemically significant NBFCs.
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