Alongside Tata Sons, government-backed NBFCs such as REC, PFC, and IRFC were also listed
Tata Sons Private Ltd continues to be a part of the Reserve Bank of India’s new list of 17 NBFCs, which classified as Upper Layer under Scale Based Regulation for NBFCs for FY27.However, RBI said inclusion of Tata Sons Private Limited in the list of NBFC-UL is without prejudice to the outcome of its application for de-registration, which is under examination.Further, Goverment NBFCs such as REC, PFC and IRFC have been included in the listNBFCs with an asset size of ₹1 lakh crore or more are now categorised in the Upper Layer. The RBI has a higher oversight on these entities.RBI said in terms of the SBR 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 criteria in the subsequent year/s.Accordingly, PNB Housing Finance and Sammaan Capital which were identified as NBFC-UL in previous exercises but do not meet the criteria in the current exercise, would continue in NBFC-UL and be subject to enhanced regulatory requirement of NBFC-UL.Published on August 6, 2026
