RBI releases list of NBFCs in the Upper Layer (NBFC-UL) under Scale Based Regulation for NBFCs

Summary:

The Reserve Bank of India has released the list of Non-Banking Financial Companies (NBFCs) in the Upper Layer under Scale-Based Regulation for NBFCs for the year 2023-24. The list includes 15 NBFCs, categorized as deposit-taking and non-deposit-taking financial institutions, including housing finance companies and core investment companies. The categorization is based on asset size and scoring methodology outlined in the Reserve Bank's Scale-Based Regulation framework, issued on October 22, 2021. The NBFCs in the Upper Layer will be subject to enhanced regulatory requirements for at least five years, regardless of whether they meet parametric criteria in subsequent years. TMF Business Services Limited is excluded from the list due to its ongoing business reorganization.