RBI NBFC-UL List 2026-27: The Reserve Bank of India (RBI) has released the list of Non-Banking Financial Companies (NBFCs) classified under the Upper Layer (NBFC-UL) for 2026-27.
The latest list has been prepared with reference to the financial position of NBFCs as of March 31, 2026. RBI released the announcement on August 6, 2026, under Press Release 2026-2027/823.
The new list includes 17 NBFCs, covering infrastructure finance companies, deposit-taking NBFCs, non-deposit-taking NBFCs, housing finance companies and a Core Investment Company.
What Is NBFC-UL?
NBFC-UL stands for Non-Banking Financial Company – Upper Layer.
Under the RBI’s Scale Based Regulation (SBR) framework, NBFCs are categorised into four layers:
- Base Layer (NBFC-BL)
- Middle Layer (NBFC-ML)
- Upper Layer (NBFC-UL)
- Top Layer (NBFC-TL)
The RBI framework provides criteria for identifying NBFCs that need to be placed in the Upper Layer. NBFCs classified as NBFC-UL are subject to enhanced regulatory requirements.
The relevant framework is contained in the Reserve Bank of India (Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation) Directions, 2025.
RBI NBFC-UL List 2026-27
The RBI has identified the following 17 NBFCs in the Upper Layer for 2026-27:
| Sr. No. | Name of 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 |
Which NBFCs Are Included in the Upper Layer?
The latest RBI list includes several of India’s well-known financial institutions. Let’s understand the list category-wise.
Infrastructure Finance Companies
Four companies in the 2026-27 list are classified as Infrastructure Finance Companies:
- REC Limited
- Power Finance Corporation Limited
- Indian Railway Finance Corporation Limited
- Housing and Urban Development Corporation Limited
These companies are part of the NBFC-UL framework for 2026-27.
Deposit-Taking NBFCs
The list includes the following deposit-taking entities:
- Bajaj Finance Limited
- Shriram Finance Limited
- LIC Housing Finance Limited
- Mahindra & Mahindra Financial Services Limited
Bajaj Finance, Shriram Finance and Mahindra & Mahindra Financial Services are classified as Deposit-taking NBFC-ICC, while LIC Housing Finance is classified as a Deposit-taking HFC.
Non-Deposit-Taking NBFCs
The following companies are included as Non-deposit-taking NBFC-ICC:
- Cholamandalam Investment and Finance Company Limited
- Tata Capital Limited
- Muthoot Finance Limited
- Aditya Birla Capital Limited
- L&T Finance Limited
- HDB Financial Services Limited
- Piramal Finance Limited
Housing Finance Companies
Two housing finance companies are included in the latest list:
- LIC Housing Finance Limited – Deposit-taking HFC
- Bajaj Housing Finance Limited – Non-deposit-taking HFC
Core Investment Company
Tata Sons Private Limited has been included in the RBI’s NBFC-UL list as a Core Investment Company (CIC).
However, RBI has specifically clarified that the inclusion of Tata Sons Private Limited is without prejudice to the outcome of its application for de-registration, which is currently under examination.
Why Was the NBFC-UL List Not Released for 2025-26?
This is an important point in the RBI announcement.
The RBI reviewed the criteria used for identifying NBFCs in the Upper Layer during 2025-26. As a result of this review, the NBFC-UL list for 2025-26 was not issued.
Following the revision of the criteria, RBI has now prepared the 2026-27 NBFC-UL list with reference to financials as of March 31, 2026.
In simple terms, the latest list reflects the revised criteria introduced after the review conducted during 2025-26.
What Happens After an NBFC Is Classified as NBFC-UL?
Being classified as NBFC-UL comes with enhanced regulatory requirements.
According to the RBI framework, once an NBFC is classified as NBFC-UL, it remains subject to the enhanced regulatory requirements for at least five years from the date of classification.
This requirement continues even if the NBFC does not meet the criteria for the Upper Layer in subsequent years.
This is an important point because an NBFC does not automatically exit the Upper Layer simply because it fails to meet the criteria in a later assessment.
Which NBFCs Will Continue Under NBFC-UL?
The RBI has also clarified the position of two NBFCs that were identified as NBFC-UL in an earlier exercise but do not meet the criteria in the current exercise.
These companies will continue to remain under the Upper Layer because of the five-year requirement.
| NBFC | Category | Last Identified as NBFC-UL |
|---|---|---|
| PNB Housing Finance Limited | Deposit-taking HFC | 2024-25 |
| Sammaan Capital Limited | Non-deposit-taking NBFC-ICC | 2024-25 |
Both companies were last identified as NBFC-UL in the 2024-25 list, issued through an RBI press release dated January 16, 2025.
What Is Scale Based Regulation for NBFCs?
The RBI introduced the Scale Based Regulation framework to categorise NBFCs into different regulatory layers.
The four layers under the framework are:
Base Layer – NBFC-BL
The Base Layer is the first level under the Scale Based Regulation framework.
Middle Layer – NBFC-ML
The Middle Layer contains NBFCs that fall within the relevant criteria prescribed under the framework.
Upper Layer – NBFC-UL
The Upper Layer includes NBFCs identified according to the criteria specified by RBI. These NBFCs are subject to enhanced regulatory requirements.
Top Layer – NBFC-TL
The framework also provides for a Top Layer. The RBI press release covered in this article specifically relates to the Upper Layer list for 2026-27.
Why Is the RBI NBFC-UL List Important?
For banking and financial-sector professionals, the RBI NBFC-UL list is an important regulatory update.
The list helps identify the NBFCs that fall under the Upper Layer of the Scale Based Regulation framework and are therefore subject to enhanced regulatory requirements.
The announcement is particularly relevant for:
- Banking professionals
- NBFC employees
- Credit professionals
- Financial-sector analysts
- Investors tracking financial companies
- Loan and lending professionals
- Banking exam aspirants
- Students studying banking and finance
- Professionals following RBI regulations
For people working in credit and lending, keeping track of RBI’s NBFC classifications can also provide useful context when evaluating the regulatory environment in which major NBFCs operate.
RBI NBFC-UL List 2026-27: Key Takeaways
Here are the major points from the RBI announcement:
- RBI released the NBFC-UL list for 2026-27 on August 6, 2026.
- The list is based on financials as of March 31, 2026.
- A total of 17 NBFCs have been identified in the new 2026-27 list.
- The list includes infrastructure finance companies, deposit-taking NBFCs, non-deposit-taking NBFCs, HFCs and a Core Investment Company.
- Tata Sons Private Limited has been included as a Core Investment Company.
- RBI has clarified that Tata Sons’ inclusion is without prejudice to the outcome of its de-registration application.
- NBFCs classified as NBFC-UL are subject to enhanced regulatory requirements.
- The enhanced requirements apply for at least five years from classification.
- PNB Housing Finance Limited and Sammaan Capital Limited will continue under NBFC-UL based on their earlier classification.
- RBI did not issue the NBFC-UL list for 2025-26 because the identification criteria were reviewed during 2025-26.
- The 2026-27 list has been prepared using the revised criteria.
RBI NBFC-UL List 2026-27: Quick Reference
The 17 NBFCs identified in the new 2026-27 Upper Layer list are:
- REC Limited
- Power Finance Corporation Limited
- Indian Railway Finance Corporation Limited
- Bajaj Finance Limited
- Shriram Finance Limited
- LIC Housing Finance Limited
- Cholamandalam Investment and Finance Company Limited
- Tata Capital Limited
- Tata Sons Private Limited
- Muthoot Finance Limited
- Aditya Birla Capital Limited
- Housing and Urban Development Corporation Limited
- Mahindra & Mahindra Financial Services Limited
- L&T Finance Limited
- Bajaj Housing Finance Limited
- HDB Financial Services Limited
- Piramal Finance Limited
Frequently Asked Questions About RBI NBFC-UL List 2026-27
How many NBFCs are included in the RBI NBFC-UL list for 2026-27?
RBI has identified 17 NBFCs in the new 2026-27 NBFC-UL list.
When did RBI release the NBFC-UL list for 2026-27?
The Reserve Bank of India released the list on August 6, 2026.
What does NBFC-UL mean?
NBFC-UL stands for Non-Banking Financial Company – Upper Layer. It is one of the four layers under RBI’s Scale Based Regulation framework.
Which NBFCs will continue under the Upper Layer?
PNB Housing Finance Limited and Sammaan Capital Limited will continue under the Upper Layer because NBFCs previously classified as NBFC-UL remain subject to enhanced regulatory requirements for at least five years.
Why was there no NBFC-UL list for 2025-26?
RBI reviewed the criteria for identifying NBFCs in the Upper Layer during 2025-26. Therefore, the list for 2025-26 was not issued. The 2026-27 list has been prepared using the revised criteria.
How long does NBFC-UL classification apply?
Under the RBI framework, an NBFC classified as NBFC-UL remains subject to enhanced regulatory requirements for at least five years from its classification, even if it does not meet the criteria in subsequent years.
Is Tata Sons included in the NBFC-UL list?
Yes. Tata Sons Private Limited has been included in the 2026-27 list as a Core Investment Company. RBI has clarified that this inclusion is without prejudice to the outcome of its de-registration application.
Conclusion
The RBI’s release of the NBFC-UL List 2026-27 is an important update for India’s banking and financial sector.
The new list includes 17 NBFCs, covering major financial institutions such as Bajaj Finance, Shriram Finance, Tata Capital, Muthoot Finance, Aditya Birla Capital, L&T Finance, HDB Financial Services and Piramal Finance.
At the same time, PNB Housing Finance Limited and Sammaan Capital Limited will continue under the NBFC-UL framework because of the minimum five-year requirement applicable to entities previously classified in the Upper Layer.
The latest list has been prepared using revised criteria following the review conducted during 2025-26, making this announcement particularly relevant for professionals tracking RBI regulations and developments in the NBFC sector.
For the latest RBI announcements, banking updates, NBFC news and financial-sector developments, keep following BanksConnect.
Source: Reserve Bank of India, Press Release 2026-2027/823, dated August 6, 2026.
