The Reserve Bank of India (RBI) on January 16 announced the list of non-banking finance companies (NBFCs) in the upper layer under scale based regulation for NBFCs for the year 2024-25, and added Tata Capital Ltd to the list.
The Reserve Bank of India (RBI) on Thursday released the list of 15 Non-Banking Financial Companies (NBFCs), Tata Capital Limited, categorised in the Upper Layer (NBFC-UL) for the year 2024-25.
The SBR framework, introduced on October 22, 2021, classifies NBFCs into four layers—Base Layer (BL), Middle Layer (ML), Upper Layer (UL), and Top Layer (TL)—based on their asset size and a scoring methodology.
NBFCs in the Upper Layer are subjected to enhanced regulatory requirements for a minimum of five years, even if they fail to meet the criteria in subsequent reviews.
Among the 15 NBFCs listed for 2024-25, major names include LIC Housing Finance, Bajaj Finance, Tata Sons Private Limited, and Muthoot Finance Limited.
Complete list of NBFC-UL for 2024-25:
LIC Housing Finance Limited
Bajaj Finance Limited
Shriram Finance Limited
Tata Sons Private Limited
Cholamandalam Investment and Finance Company Limited
L&T Finance Limited
Mahindra & Mahindra Financial Services Limited
Aditya Birla Finance Limited
Tata Capital Limited
Piramal Capital & Housing Finance Limited
PNB Housing Finance Limited
HDB Financial Services Limited
Sammaan Capital Limited
Muthoot Finance Limited
Bajaj Housing Finance Limited
The RBI clarified that Tata Sons Private Limited’s inclusion in the list is subject to the outcome of its application for de-registration. Tata Capital, the financial services arm of Tata Sons, is reportedly preparing for ₹15,000 crore IPO.
Meanwhile, Piramal Enterprises Limited, which qualified for inclusion based on scoring, has been excluded due to ongoing group reorganisation.
“Despite qualifying for identification as NBFC-UL as per scoring methodology, Piramal Enterprises Limited is not being included in the list of NBFC-UL in the current review due to ongoing reorganisation in the business group,” the RBI said in a statement.
“Further, inclusion of Tata Sons Private Limited in the list of NBFC-UL is without prejudice to the outcome of its application for de-registration, which is under examination.”
NBFCs in the Upper Layer are selected using a combination of quantitative and qualitative parameters. However, the top ten NBFCs by asset size are automatically included in the list.
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