The Reserve Bank of India announced today the list of NBFCs in the Upper Layer under Scale Based Regulation for NBFCs for the year 2023-24. 2. The Reserve Bank had issued the Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs (the framework) on October 22, 2021. The framework categorises NBFCs in 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. Accordingly, 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 | 3. 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. 4. 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. (Yogesh Dayal)
Chief General Manager Press Release: 2023-2024/923 | |