RBI names 17 NBFCs in the Upper Layer for 2026-27; PNB Housing Finance and Sammaan Capital continue under enhanced regulation
RBI has released the 2026-27 list of NBFCs in the Upper Layer (NBFC-UL) under Scale Based Regulation, based on financials as on 31 March 2026 and on revised identification criteria. Seventeen NBFCs are named. Two more — PNB Housing Finance and Sammaan Capital — do not meet the criteria this time but stay in the Upper Layer because the enhanced requirements run for at least five years.
Key facts
- In force
- List for 2026-27, released 6 August 2026; based on financials as on 31 March 2026
- Who it affects
- The 17 NBFCs named in the Upper Layer, PNB Housing Finance and Sammaan Capital; their lenders, investors, auditors and compliance teams
- What it is
- New facility
- Section
- FEMA & RBI
- Published
- 6 August 2026
In 30 seconds
- The list is for the year 2026-27, with reference to financials as on 31 March 2026.
- No NBFC-UL list was issued for 2025-26 because the identification criteria were under review; the 2026-27 list uses the revised criteria.
- Seventeen NBFCs are in the list, across infrastructure finance, investment and credit, housing finance and core investment companies.
- Tata Sons Private Limited is included without prejudice to the outcome of its application for de-registration, which is under examination.
- Once classified as NBFC-UL, an NBFC is subject to enhanced regulatory requirement for at least five years, even if it does not meet the criteria in later years.
- PNB Housing Finance Limited and Sammaan Capital Limited, last identified in the 2024-25 list, continue as NBFC-UL on that basis.
हिंदी में सार
RBI ने 6 अगस्त 2026 को Scale Based Regulation के तहत 2026-27 के लिए Upper Layer (NBFC-UL) की सूची जारी की, जिसमें 31 मार्च 2026 के आँकड़ों के आधार पर 17 NBFC शामिल हैं। 2025-26 की सूची जारी नहीं हुई थी क्योंकि पहचान के मानदंडों की समीक्षा चल रही थी। PNB Housing Finance और Sammaan Capital इस बार मानदंड पूरे नहीं करते, फिर भी Upper Layer में बने रहेंगे क्योंकि यह दर्जा कम से कम पाँच साल तक लागू रहता है।
What RBI has announced
On 6 August 2026 the Reserve Bank of India released the list of NBFCs in the Upper Layer (NBFC-UL) for the year 2026-27, with reference to financials as on 31 March 2026.
The Scale Based Regulation framework is contained in the Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025. It places NBFCs in four layers — Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL) — and gives the criteria for identifying those in the Upper Layer.
Why there was no list for 2025-26
RBI says a review of the criteria for identifying NBFC-UL was undertaken during 2025-26, and so the list for that year was not issued. The 2026-27 list has been prepared on the revised criteria.
The 2026-27 list
| Sr. No. | NBFC | Category |
|---|---|---|
| 1 | REC Limited | Infrastructure Finance Company |
| 2 | Power Finance Corporation Limited | Infrastructure Finance Company |
| 3 | Indian Railway Finance Corporation Limited | Infrastructure Finance Company |
| 4 | Bajaj Finance Limited | Deposit taking NBFC-ICC |
| 5 | Shriram Finance Limited | Deposit taking NBFC-ICC |
| 6 | LIC Housing Finance Limited | Deposit taking HFC |
| 7 | Cholamandalam Investment and Finance Company Limited | Non-deposit taking NBFC-ICC |
| 8 | Tata Capital Limited | Non-deposit taking NBFC-ICC |
| 9 | Tata Sons Private Limited | Core Investment Company |
| 10 | Muthoot Finance Limited | Non-deposit taking NBFC-ICC |
| 11 | Aditya Birla Capital Limited | Non-deposit taking NBFC-ICC |
| 12 | Housing and Urban Development Corporation Limited | Infrastructure Finance Company |
| 13 | Mahindra & Mahindra Financial Services Limited | Deposit taking NBFC-ICC |
| 14 | L&T Finance Limited | Non-deposit taking NBFC-ICC |
| 15 | Bajaj Housing Finance Limited | Non-deposit taking HFC |
| 16 | HDB Financial Services Limited | Non-deposit taking NBFC-ICC |
| 17 | Piramal Finance Limited | Non-deposit taking NBFC-ICC |
NBFC-ICC stands for Non-Banking Financial Company – Investment and Credit Company; HFC for Housing Finance Company.
A footnote says the inclusion of Tata Sons Private Limited is without prejudice to the outcome of its application for de-registration, which is under examination.
Two NBFCs that continue from the earlier list
Under the framework, once an NBFC is classified as NBFC-UL it is subject to enhanced regulatory requirement for at least five years from its classification, even if it does not meet the criteria in a later year. On that basis, two NBFCs identified earlier, which do not meet the criteria in the current exercise, remain in the Upper Layer:
| NBFC | Category | Last identified as NBFC-UL |
|---|---|---|
| PNB Housing Finance Limited | Deposit taking HFC | 2024-25 list (press release dated 16 January 2025) |
| Sammaan Capital Limited | Non-deposit taking NBFC-ICC | 2024-25 list (press release dated 16 January 2025) |
What this means for the companies named
The press release does not list the enhanced requirements; they are in the Directions cited above. Each company named, and the two that continue, should treat the Upper Layer requirements as applying to it for at least five years from its classification. Lenders, investors and auditors dealing with these companies can use the list to confirm their regulatory layer.
Questions and answers
How many NBFCs are in the Upper Layer for 2026-27?
Seventeen NBFCs are named in the 2026-27 list. In addition, PNB Housing Finance Limited and Sammaan Capital Limited continue in the Upper Layer from the 2024-25 list although they do not meet the criteria in the current exercise.
Why was there no NBFC-UL list for 2025-26?
RBI says a review of the criteria for identification of NBFC-UL was undertaken during 2025-26, and hence the list for that year was not issued. The 2026-27 list is based on the revised criteria.
How long does an NBFC stay in the Upper Layer?
Once classified as NBFC-UL, an NBFC is subject to enhanced regulatory requirement for at least five years from its classification in the layer, even if it does not meet the criteria in subsequent years.
Is Tata Sons in the list?
Yes, as a Core Investment Company. RBI’s footnote says the inclusion is without prejudice to the outcome of its application for de-registration, which is under examination.
Published 6 August 2026. Updated 9 October 2026. This report is for general information and is not professional advice. Read the source document before acting on it.