Archive · 12 Jan 2026
RBI to Update Upper Layer NBFC List by 2026
The Reserve Bank of India (RBI) is planning to update its list of upper layer non-banking financial companies (NBFCs) by mid-2026.
This list includes large NBFCs that are considered systemically important.
The RBI might add NBFCs like Credila, Axis Finance, and others that are backed by big banks or have strong promoters.
Currently, there are 15 NBFCs in the upper layer, and these companies face higher regulatory scrutiny.
The RBI's Scale-Based Regulatory Framework (SBR) classifies NBFCs into four layers, with the middle and upper layers being systemically significant.
The update aims to ensure financial stability and address potential risks.
RBI to update upper layer NBFC list by mid-2026, potentially adding bank-backed and large NBFCs.
Current upper layer includes 15 NBFCs like LIC Housing Finance and Bajaj Finance.
Upper layer NBFCs face higher regulatory scrutiny and must list within three years if unlisted.
RBI's SBR framework classifies NBFCs into four layers, with middle and upper layers being systemically significant.
Update aims to address systemic risks and maintain financial stability, focusing on interconnectedness and asset size.
- Who
- Reserve Bank of India (RBI)
- What
- Update of upper layer non-banking financial companies (NBFCs) list
- When
- By mid-2026
- Where
- India
- Why
- To address systemic risks and maintain financial stability
- Expected Update Time
- Mid-2026
- Potential Additions
- Credila, Axis Finance, Kotak Mahindra Prime, Can Fin Homes, ICICI Home Finance, Sundaram Finance, Hero Fincorp, Poonawalla Fincorp, Hinduja Leyland Finance
- Current Upper Layer NBFCs
- 15, including LIC Housing Finance, Bajaj Finance, Shriram Finance
- Regulatory Framework
- Scale-Based Regulatory Framework (SBR) with four layers
- Systemic Importance
- Middle and upper layer NBFCs considered systemically significant
- Listing Requirement
- Unlisted upper layer NBFCs must list within three years
- Key Drivers of Systemic Risk
- Interconnectedness and large asset size