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RBI names 16 leading NBFCs in its upper layer list

1 min read . Updated: 30 Sep 2022, 11:49 PM IST

Gopika Gopakumar
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RBI names 16 leading NBFCs in its upper layer list (PTI)

SYNOPSIS
RBI’s scale-based NBFC regulation announced in October 2021 has four layers: base layer, middle layer,
upper layer and top layer.

The Reserve Bank of India (RBI) on Friday released a list of 16 upper layer non-banking
finance companies (NBFC-ULs) that must adhere to enhanced regulation.

The 16 companies in the NBFC-UL list are: LIC Housing Finance, Bajaj Finance,
Mahindra & Mahindra Financial Services, Shriram Transport, Tata Sons, L&T Finance,
Indiabulls Housing Finance, Piramal Capital & Housing Finance, Cholamandalam
Investment and Finance Co., Shanghvi Finance Pvt. Ltd, Muthoot Finance, PNB Housing
Finance, Tata Capital Financial Services, Aditya Birla Finance, HDB Financial Services
and Bajaj Housing Finance.

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RBI’s scale-based
Goodbye Cell Phone, NBFC regulation announced in October 2021 has four layers: base
layer,
Hello middle
VoIP. Why layer, upper layer and top layer. The upper layer (UL) includes NBFCs
warranting
Everyone enhanced
Is Switching… regulation based on several parameters and scoring. Earlier, RBI
classified NBFCs based on type.
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Despite appearing  in the list of top 10 NBFCs in terms of asset size, HDFC Ltd was not
included in the list due to its ongoing merger process with HDFC Bank, RBI said.
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These NBFCs have to put in place board-approved policies for the adoption of the
This Once A Day
enhanced regulatory framework applicable to all NBFCs in the upper layer, and chart out
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an implementation plan for adhering to the new set of regulations within three months,
the RBI Of
Symptoms said.
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Further,
And the boards
New Treatments of these NBFCs should ensure that stipulations for the NBFC-UL are
adhered to within  24 months, the regulator said.
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According to RBI, the aggregate exposure values of NBFC-UL to a single counterparty
must not be higher than 20% and 25% in the case of group of connected counterparties.

ABOUT THE AUTHOR

Gopika Gopakumar
Gopika Gopakumar has worked for over 15 years as a banking journalist across print
and television media. Her expertise lies in breaking big corporate stories and producing
news based TV shows. She was part of the 2013 IMF Journalism Fellowship Program
where she covered the Annual & Spring meetings of the International Monetary Fund…
Read more from this author

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