Archive · 7 Aug 2026
RBI Classifies Tata Sons, 16 Others as Upper-Layer NBFCs
The Reserve Bank of India is like the money referee for India, and it watches over companies called NBFCs that lend money and invest.
These companies are split into different groups based on how big and important they are.
The biggest and most closely watched group is called the Upper Layer.
On Thursday, the RBI released a fresh list of 17 companies in this group for the year 2026-27.
To decide who belongs on the list, the RBI checked how the companies looked financially on March 31, 2026.
Tata Sons is the only company of its special type on the list, but it has asked to be taken off and is still waiting for an answer.
The RBI also changed its rules for making the list, which is why no list was released last year.
Two companies from the old list, PNB Housing Finance and Sammaan Capital, no longer meet the new rules but must still follow the strict requirements.
Once a company is put on the Upper Layer list, it must follow extra strict rules for at least five years.
Even if a company no longer qualifies in later years, it still has to follow those stricter rules.
The Reserve Bank of India released its updated list of 17 Upper Layer Non-Banking Financial Companies (NBFC-UL) for 2026-27 under the Scale-Based Regulation (SBR) framework.
The classification is based on the companies' financial position as of March 31, 2026, using revised eligibility criteria.
Tata Sons remains the only Core Investment Company (CIC) on the list; its application for deregistration is still under examination.
The RBI reviewed its Upper Layer eligibility criteria during 2025-26, and no NBFC-UL list was issued for that year.
Upper Layer NBFCs must comply with enhanced norms on capital adequacy, corporate governance, risk management and regulatory disclosures for a minimum of five years.
- Who
- The Reserve Bank of India (RBI), which classified 17 Non-Banking Financial Companies (NBFCs), including Tata Sons as the only Core Investment Company.
- What
- Release of the updated list of Upper Layer NBFCs (NBFC-UL) for 2026-27 under the RBI's Scale-Based Regulation framework.
- When
- Thursday, August 7, 2026, for the 2026-27 period, based on financial position as of March 31, 2026.
- Where
- Mumbai, India.
- Why
- To apply stricter regulatory standards to systemically important non-bank lenders and core investment companies based on their size, complexity, interconnectedness and risk profile.
- Regulator
- Reserve Bank of India (RBI)
- Framework
- Scale-Based Regulation (SBR)
- Number of Entities
- 17 Upper Layer NBFCs
- Applicable Period
- 2026-27
- Assessment Date
- March 31, 2026
- Framework Layers
- Base, Middle, Upper, Top
- Only Core Investment Company
- Tata Sons
- Enhanced Regulation Period
- Minimum five years
