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© Reuters.
The Reserve Bank of India (RBI) on Thursday released the list of Non-Banking Financial Companies (NBFCs) that will form the Upper Layer under its Scale Based Regulation for the fiscal year 2023-24. Notably, TMF Business Services Limited, despite qualifying for inclusion, was not listed due to ongoing business reorganisation.
The list includes prominent companies such as Bajaj Finance , LIC (NS:) Housing, Shriram Finance, and Tata Sons Pvt Limited among a total of 15 NBFCs. LIC Housing Finance (NS:) Limited topped the list, followed by Bajaj Finance Limited (NS:) and Shriram Finance Limited.
The RBI’s list is part of the Scale Based Regulation (SBR): A Revised Regulatory Framework for NBFCs. This framework, issued on October 22, 2021, categorises NBFCs into four layers: Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL), and Top Layer (NBFC-TL). The categorisation is based on each company’s asset size and a specific scoring methodology.
Despite meeting the criteria for identification as an NBFC-UL according to this scoring methodology, TMF Business Services Limited (formerly Tata Motors (NS:) (NYSE:) Finance Limited) was not included in this year’s list. The RBI cited the company’s ongoing business reorganisation as the reason for this exclusion.
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