The Reserve Bank of India (RBI) on Thursday released the revised list of upper layer NBFCs for FY27 under the scale-based regulation framework, expanding the pool with the addition of four public sector infrastructure financiers while retaining Tata Sons on the list without prejudice to its application for de-registration as an NBFC, according to Business Today.
What changed in the revised list
The latest list marks a shift after the central bank undertook a review of identification criteria and did not publish a list for FY26. According to the revised framework, the number of entities meeting the current criteria has increased to 17 from 15 in the January 16, 2025 list for FY25. Two entities that no longer meet the criteria — PNB Housing Finance and Sammaan Capital, formerly Indiabulls Housing Finance — continue to be regulated under the upper layer, taking the total number of entities subject to NBFC-UL regulations to 19 from 15 earlier.
| Metric | FY25 list (Jan 16, 2025) | Revised FY27 list |
|---|---|---|
| Entities meeting current criteria | 15 | 17 |
| Additional entities continuing under regulation | 0 | 2 |
| Total entities subject to NBFC-UL regulations | 15 | 19 |
Entities subject to NBFC-UL regulations now total 19, up from 15, after the RBI's revised FY27 list.
Four PSU infrastructure financiers added
Four public sector infrastructure and development finance institutions have been added to the primary list, according to Business Today:
- REC Limited
- Power Finance Corporation
- Indian Railway Finance Corporation
- Housing and Urban Development Corporation
Their inclusion reflects revised thresholds under the scale-based regulation framework and the growing systemic importance of such lenders.
Tata Sons and private sector changes
Tata Sons remains on the list, with the RBI retaining it without prejudice to its application for de-registration as an NBFC. The updated list also reflects structural changes among private sector entities. Aditya Birla Capital now appears in place of Aditya Birla Finance, indicating consolidation at the group level, while Piramal Finance is listed under its current name after being earlier identified as Piramal Capital & Housing Finance in the January 2025 release.
Regulatory scope and systemic importance
The revised upper layer list determines which NBFCs are subject to the NBFC-UL regulations under the scale-based regulation framework. The two entities that continue to be regulated despite no longer meeting the current criteria — PNB Housing Finance and Sammaan Capital — will remain under the framework, the report said. The addition of four public sector infrastructure and development finance institutions also expands the regulatory perimeter to lenders financing power, railways, housing and urban infrastructure, reflecting their systemic importance. For finance executives and treasury teams monitoring regulatory changes in India, the revised list signals that the RBI is applying updated identification thresholds after skipping the FY26 list.
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