Which institution has released the updated list of 17 Upper Layer Non-Banking Financial Companies (NBFC-UL) for 2026-27?

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The correct answer is Option D: RBI. The Reserve Bank of India (RBI) released the updated list of 17 Upper Layer Non-Banking Financial Companies (NBFC-UL) for the financial year 2026-27 under its scale-based regulation framework. The latest Upper Layer NBFC list includes four newly added public sector companies: REC Ltd., Power Finance Corporation (PFC), Indian Railway Finance Corporation (IRFC), and Housing & Urban Development Corporation (HUDCO). The RBI’s scale-based regulation framework classifies NBFCs into different supervisory layers based on factors such as size, complexity, and systemic importance. Under the revised eligibility criteria, NBFCs with Assets Under Management (AUM) of at least ₹1 lakh crore may qualify for Upper Layer classification subject to other conditions. Upper Layer NBFCs are subjected to enhanced regulatory supervision and stricter compliance requirements due to their greater financial importance in the system. Tata Sons Pvt. Ltd. continues to remain in the Upper Layer list, but its inclusion does not determine the outcome of its application for surrender of NBFC registration. PNB Housing Finance and Sammaan Capital were excluded from the updated list as they did not meet the revised eligibility criteria; however, they will not immediately return to the lower regulatory framework. An NBFC once classified under the Upper Layer must continue under the enhanced regulatory framework for at least 5 years after it ceases to satisfy the eligibility criteria.

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SEBI

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MoF

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NABARD

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IRDAI

Which institution has released the updated list of 17 Upper Layer Non-Banking Financial Companies (NBFC-UL) for 2026-27?

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Which institution has released the updated list of 17 Upper Layer Non-Banking Financial Companies (NBFC-UL) for 2026-27?

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