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Yes. Under RBI's 2021 scale-based rules an NBFC in the upper layer must list within three years of being named, and on 23 October 2026 Governor Sanjay Malhotra repeated it. RBI's 2026-27 list has 17 names, and Tata Sons is the one that is not listed. For product teams the useful part is the list itself: it tells you which lending partners carry the heaviest RBI rules.
RBI's scale-based regulation for NBFCs puts every NBFC in a layer: base, middle, upper or top. The circular of 22 October 2021 says an upper-layer NBFC 'shall be mandatorily listed within 3 years of identification'. Until it lists, it must follow disclosure rules on the same lines as a listed company.
The upper layer is not only about size, but size decides most of it. The top ten eligible NBFCs by asset size always sit in it. RBI picks the rest using a set of parameters and a scoring method. NBFCs with assets above ₹1,00,000 crore are classified in the upper layer, as The Week reported on the revised criteria.
Once in, an NBFC stays under the upper-layer rules for at least five years, even if it later falls below the criteria. Upper-layer NBFCs must also hold common equity tier 1 capital of at least 9 per cent of risk-weighted assets and report to supervisors when an independent director leaves early. The framework took effect on 1 October 2022.
RBI published the upper-layer list for 2026-27 on 6 August 2026. It names 17 NBFCs. Two more, PNB Housing Finance and Sammaan Capital, stay under the upper-layer rules because of the five-year rule, though they are not on the list.
Several names on it are common lending partners for fintech apps. That makes the list a quick check on which partners carry the heaviest rules.
| NBFC | Note |
|---|---|
| REC Limited | Government-owned lender |
| Power Finance Corporation | Government-owned lender |
| Indian Railway Finance Corporation | Government-owned lender |
| Bajaj Finance | Consumer and SME lender |
| Shriram Finance | Vehicle and SME lender |
| LIC Housing Finance | Housing finance |
| Cholamandalam Investment and Finance | Vehicle and SME lender |
| Tata Capital | Consumer and SME lender |
| Tata Sons | Core investment company; inclusion without prejudice to its de-registration application |
| Muthoot Finance | Gold loans |
| Aditya Birla Capital | Diversified lender |
| Housing and Urban Development Corporation | Government-owned lender |
| Mahindra & Mahindra Financial Services | Vehicle and rural lender |
| L&T Finance | Consumer and rural lender |
| Bajaj Housing Finance | Housing finance |
| HDB Financial Services | Consumer and SME lender |
| Piramal Finance | Housing and consumer lender |
Tata Sons is a core investment company, the holding company of the Tata group. RBI said it was due to list by September 2025. Instead it applied to give up its registration as a core investment company. When RBI put it on the 2026-27 list, it noted that this was without prejudice to that application.
RBI then rejected the de-registration application and told Tata Sons to follow the rules. At a board meeting on 17 September, Tata Sons directors decided to go ahead with listing as RBI directed, over the objection of Tata Trusts chairman Noel Tata. On 28 September Tata Trusts proposed merging Tata Electronics Systems Solutions and Tata Consulting Engineers into Tata Sons, which could change its structure.
On 23 October, at the NDTV World Summit, Governor Sanjay Malhotra said: 'And if it is in the upper layer (of the NBFC category), then it is required to list.' He gave the reason as the systemic risks such companies can pose to public funds. He did not discuss Tata Sons by name, saying RBI does not answer questions on a specific regulated entity.
| Date | Event |
|---|---|
| 22 October 2021 | RBI issues the scale-based regulation circular with the three-year listing rule |
| 1 October 2022 | Framework takes effect |
| September 2025 | Date by which RBI said Tata Sons was due to list |
| 6 August 2026 | RBI's 2026-27 upper-layer list keeps Tata Sons, without prejudice to its de-registration application |
| 17 September 2026 | Tata Sons board decides to proceed with listing as RBI directed |
| 28 September 2026 | Tata Trusts propose merging two Tata companies into Tata Sons |
| 23 October 2026 | Governor Malhotra: an upper-layer NBFC is required to list |
Most fintech lending apps lend through an NBFC partner. If that partner is on the list, it works under the strictest NBFC rules: more capital, listed-company disclosure and closer supervision, for at least five years. Plan for partner reviews that ask for clean audit trails of every loan decision and every customer consent. Build those logs now, not when the partner asks.
If you are building your own NBFC, the upper layer is far off for almost everyone. But the rule shows how RBI treats size: once you cross the line, the rules arrive with a fixed clock. The habits that make a later listing easy are cheap to start early: monthly closes, a board with the right skills and disclosure on listed-company lines.
For investing apps, a Tata Sons listing would be a large event for retail investors. India had 240.59 million demat accounts at the end of September 2026. Nothing has been filed, so there is no date or size to plan around yet.
Yes. RBI's 2021 framework says an NBFC in the upper layer must list within three years of being identified, and Governor Malhotra repeated on 23 October 2026 that an upper-layer NBFC is required to list.
RBI's 2026-27 list, published on 6 August 2026, names 17 NBFCs. PNB Housing Finance and Sammaan Capital also remain under the upper-layer rules because of the five-year rule.
RBI rejected its application to de-register, and the Tata Sons board decided on 17 September to proceed with listing as RBI directed. Tata Trusts have proposed a restructuring, and no listing date has been announced.
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