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Mumbai: State-owned non-banking financial companies, including , , Indian Railway Finance Corp, and Housing & Urban Development Corp, are likely to be classified as Upper-Layer NBFCs under the Reserve Bank of India’s (RBI) proposed shift to an asset-size-based threshold, financial experts said.
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Last week, the RBI proposed a significant overhaul of its framework for identifying Upper-Layer NBFCs (NBFC-UL), suggesting a move to a more transparent classification based on absolute asset size. Under the proposal, any NBFC with assets of ₹1 lakh crore qualify as Upper Layer, replacing the existing methodology that combines a top-ten asset ranking with a complex parametric scoring model.
Critically, the central bank has also proposed removing the long-standing carve-out that shielded government-owned NBFCs from Upper-Layer classification-a change that would bring large state-owned entities under the same heightened oversight as their private peers, and marks a meaningful step toward ownership-neutral regulation.
The numbers make clear why these entities would comfortably cross the proposed threshold. As of December 2025, PFC had an asset base of ₹12 lakh crore, while REC stood at over ₹6 lakh crore. The government has separately proposed merging the two to create a large, consolidated power-sector lender. IRFC had assets of nearly ₹5 lakh crore and approximately ₹1.3 lakh crore.
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“Identification of Upper-Layer NBFCs by asset size provides clarity to all stakeholders, and the inclusion of government-owned entities on the basis of size indicates a more harmonised approach to classification,” said A M Karthik, senior vice president and co-group head, financial sector ratings, at .
However, questions linger at the other end of the spectrum. It remains unclear whether entities such as and PNB Housing Finance-both currently in the Upper Layer-could fall out of the classification under the revised framework, given that their asset bases may not comfortably exceed the ₹1 lakh crore floor.
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Exit from the Upper Layer is not straightforward. “Regulatory clarity is needed on the exclusion of certain NBFCs from the Upper-Layer category, because under the earlier norms there was a five-year lock-in once an entity was classified as Upper Layer. From the regulator’s perspective, those that could reach Upper-Layer status within five years would likely be expected to remain on the list,” said a senior NBFC official.
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Entities designated as NBFC-UL are subject to enhanced regulatory requirements, and the list is reviewed annually. As per the RBI’s January 2025 classification, the current Upper-Layer roster includes , , , Tata Sons (as a core investment company), , L&T Finance, Mahindra & Mahindra Financial Services, Aditya Birla Finance, , Piramal Capital & Housing Finance, , , Sammaan Capital, , and .
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