The Reserve Bank had issued the Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs (the framework) on October 22, 2021. The framework categorises NBFCs in Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL) and gives the methodology to identify the NBFCs in the Upper Layer as per their asset size and scoring methodology. Accordingly, the 2024-25 list of NBFC-UL is as under:

1 LIC Housing Finance Limited Deposit taking HFC 

2 Bajaj Finance Limited Deposit taking NBFC-ICC 

3 Shriram Finance Limited Deposit taking NBFC-ICC 

4 Tata Sons Private Limited Core Investment Company 

5 Cholamandalam Investment and Finance Company Limited Non-deposit taking NBFC-ICC 

6 L&T Finance Limited (Formerly known as L&T Finance Holdings Limited) Non-deposit taking NBFC-ICC 

7 Mahindra & Mahindra Financial Services Limited Deposit taking NBFC-ICC 

8 Aditya Birla Finance Limited Non-deposit taking NBFC-ICC 

9 Tata Capital Limited Non-deposit taking NBFC-ICC 

10 Piramal Capital & Housing Finance Limited Non-deposit taking HFC 

11 PNB Housing Finance Limited Deposit taking HFC 

12 HDB Financial Services Limited Non-deposit taking NBFC-ICC 

13 Sammaan Capital Limited (Formerly known as Indiabulls Housing Finance Limited) Non-deposit taking NBFC-ICC 

14 Muthoot Finance Limited Non-deposit taking NBFC-ICC 

15 Bajaj Housing Finance Limited Non-deposit taking HFC

Despite qualifying for identification as NBFC-UL as per scoring methodology, Piramal Enterprises Limited is not being included in the list of NBFC-UL in the current review due to ongoing reorganisation in the business group. Further, 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. 

In terms of the 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 parametric criteria in the subsequent year/s.