The Reserve Bank of India (RBI) on Thursday announced the list of Non-Banking Financial Companies (NBFCs) in the Upper Layer under Scale Based Regulation for NBFCs for the year 2023-24.
Read More: Heavy rainfall likely in these states; IMD issues red alert for Maharashtra, MP
Bajaj Finance, LIC Housing, Shriram Finance, and Tata Sons Pvt Limited are among the list of 15 NBFCs released by the RBI.
The RBI issued the Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs (the framework) on October 22, 2021.
The framework categorises NBFCs into 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, the central bank said in a statement.
Read More: J&K: 48 Hrs Later, Encounter Still On; 2 Army Officers, 1 Cop Dead In Anantnag Operation
Check Full List: 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 |
The RBI further said 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.
Read More: Spicejet Pays $1.5 Million To Credit Suisse To Comply With SC Order; Check Details
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, the RBI said in the release.
