MUMBAI: Reserve Bank of India on Thursday released the revised list of upper layer NBFCs for FY27 under the scale-based regulation framework, expanding the pool with the addition of public sector infrastructure financiers while retaining Tata Sons on the list without prejudice to its application for de-registration as an NBFC.The latest list marks a shift after the central bank undertook a review of identification criteria and did not publish a list for FY26. According to the revised framework, the number of entities meeting the current criteria has increased to 17 from 15 in the Jan 16, 2025 list for FY25, while two entities that no longer meet the criteria—PNB Housing Finance and Sammaan Capital, formerly Indiabulls Housing Finance—continue to be regulated under the upper layer, taking the total number of entities subject to NBFC-UL regulations to 19 from 15 earlier.
Four public sector infrastructure and development finance institutions have been added to the primary list, comprising REC Limited, Power Finance Corporation, Indian Railway Finance Corporation and Housing and Urban Development Corporation. Their inclusion reflects revised thresholds under the scale-based regulation framework and the growing systemic importance of such lenders.The updated list also reflects structural changes among private sector entities. Aditya Birla Capital now appears in place of Aditya Birla Finance, indicating consolidation at the group level, while Piramal Finance is listed under its current name after being earlier identified as Piramal Capital & Housing Finance in the Jan 2025 release.
