Reserve Bank of India Releases List of NBFCs in Upper Layer for 2026-27

The Reserve Bank of India has announced the list of Non-Banking Financial Companies (NBFCs) in the Upper Layer under Scale Based Regulation for NBFCs for the year 2026-27, based on their financials as on March 31, 2026.

Reserve Bank of India Releases List of NBFCs in Upper Layer

The Reserve Bank of India has issued the regulatory framework under Scale Based Regulation for NBFCs, which categorises NBFCs into Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL), and Top Layer (NBFC-TL) and provides the criteria to identify the NBFCs in the Upper Layer.

A review of the criteria for identification of NBFC-UL was undertaken during 2025-26, and hence, the list of NBFC-UL for the year 2025-26 was not issued.

Criteria for Identification of NBFC-UL

The framework provides the criteria to identify the NBFCs in the Upper Layer, which includes the assessment of the NBFC’s assets, deposits, and other financial parameters.

Market Impact and Details

• The list of NBFC-UL for the year 2026-27 includes 17 NBFCs, which are subject to enhanced regulatory requirements.
• The NBFCs in the Upper Layer are required to meet certain criteria, including the assessment of their assets, deposits, and other financial parameters.
• The Reserve Bank of India has issued the regulatory framework under Scale Based Regulation for NBFCs, which provides the criteria to identify the NBFCs in the Upper Layer.

Key Takeaways

• The Reserve Bank of India has announced the list of NBFCs in the Upper Layer under Scale Based Regulation for NBFCs for the year 2026-27.
• The list of NBFC-UL includes 17 NBFCs, which are subject to enhanced regulatory requirements.
• The NBFCs in the Upper Layer are required to meet certain criteria, including the assessment of their assets, deposits, and other financial parameters.

FAQs

What is the purpose of the Scale Based Regulation for NBFCs?

The purpose of the Scale Based Regulation for NBFCs is to categorise NBFCs into different layers based on their financial parameters and subject them to enhanced regulatory requirements.

What are the criteria for identification of NBFC-UL?

The criteria for identification of NBFC-UL include the assessment of the NBFC’s assets, deposits, and other financial parameters.

What is the significance of the list of NBFC-UL for the year 2026-27?

The list of NBFC-UL for the year 2026-27 is significant as it includes 17 NBFCs, which are subject to enhanced regulatory requirements.

Conclusion

The Reserve Bank of India has announced the list of NBFCs in the Upper Layer under Scale Based Regulation for NBFCs for the year 2026-27, based on their financials as on March 31, 2026.

The list of NBFC-UL includes 17 NBFCs, which are subject to enhanced regulatory requirements.

We recommend that investors and stakeholders review the list of NBFC-UL and assess the implications of the enhanced regulatory requirements on these NBFCs.