The Reserve Bank of India (RBI) has released the 2026-27 list of Non-Banking Financial Companies (NBFCs) classified under the Upper Layer (NBFC-UL) as part of its Scale-Based Regulation (SBR) framework, based on their financial position as of March 31, 2026.

The latest list comprises 17 NBFCs, including REC Ltd, Power Finance Corporation, Indian Railway Finance Corporation (IRFC), Bajaj Finance, Shriram Finance, LIC Housing Finance, Cholamandalam Investment and Finance, Tata Capital, Tata Sons, Muthoot Finance, Aditya Birla Capital, Housing and Urban Development Corporation (HUDCO), Mahindra & Mahindra Financial Services, L&T Finance, Bajaj Housing Finance, HDB Financial Services, and Piramal Finance.

The RBI said NBFCs classified under the Upper Layer will continue to be subject to enhanced regulatory requirements for a minimum of five years, even if they no longer meet the classification criteria in subsequent years. The central bank also noted that the 2026-27 list has been prepared using revised identification criteria introduced after a review during 2025-26.