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RBI says 15 large NBFCs to comply with enhanced regulatory requirements
September 15, 2023
Reserve Bank of India on Thursday said 15 large NBFCs, including LIC Housing Finance, Bajaj Finance, Shriram Finance and Tata Sons, will be subject to enhanced regulatory requirements.
The central bank has categorised NBFCs into Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL).
A list of 15 large Non Banking Finance Companies (NBFCs) falling in the Upper Layer category has been released.
Besides LIC Housing Finance, Bajaj Finance, Shriram Finance and Tata Sons, others in the list include L&T Finance, Piramal Capital & Housing Finance, Cholamandalam Investment and Finance Company.
Indiabulls Housing Finance, Mahindra & Mahindra Financial Services, Tata Capital Financial Services, PNB Housing Finance, HDB Financial Services, Aditya Birla Finance, Muthoot Finance and Bajaj Housing Finance are also part of the list.
According to RBI, despite qualifying for identification as NBFC-UL as per scoring methodology, TMF Business Services Ltd (formerly Tata Motors Finance Limited) is not being included in the list of NBFC-UL in the current review due to its ongoing business reorganisation.
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