Reserve Bank of India (RBI) expands upper-layer NBFC list to 17 for FY27; adds REC, PFC, IRFC, HUDCO

Key facts

• The Reserve Bank of India (RBI) published the updated list of upper-layer non-banking financial companies (NBFC-UL) for 2026-27 (FY27), containing 17 entities.
• The FY27 list includes four new additions: REC, Power Finance Corporation, Indian Railway Finance Corporation, and Housing and Urban Development Corporation.
• The RBI revised the criteria for identifying upper-layer NBFCs, now classifying those with assets of ₹1 trillion or more based on the latest audited balance sheet.
• PNB Housing Finance and Sammaan Capital no longer meet the revised criteria but remain in the upper layer for at least five years as per RBI norms.
• Tata Sons remains on the upper-layer list, with its application for deregistration as an NBFC still under examination by the RBI.
• The RBI did not publish the upper-layer list for FY26 due to a review of the identification criteria.