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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

RBI Announces List of NBFCs in the Upper Layer (NBFC-UL) under Scale Based Regulation for NBFCs

16-Jan-2025 | Press Release: 2024-2025/1939

Reserve Bank of India (RBI) has released a Press statement regarding the categorization of Non-Banking Financial Companies (NBFCs) in the Upper Layer under the Scale Based Regulation (SBR) framework, which was introduced on October 22, 2021. The list of NBFC-UL for the year 2024-25 is as follows: 1. LIC Housing Finance Limited - Deposit taking Housing Finance Company (HFC) 2. Bajaj Finance Limited - Deposit taking Non-Banking Financial Company - Investment and Credit Company (NBFC-ICC) 3. Shriram Finance Limited - Deposit taking NBFC-ICC 4. Tata Sons Private Limited - Core Investment Company (CIC) 5. Cholamandalam Investment and Finance Company Limited - Non-deposit taking NBFC-ICC 6. L & T Finance Limited (Formerly Known as L&T Finance Holdings Limited) - Non-deposit taking NBFC-ICC 7. Mahindra & Mahindra Financial Services Limited - Deposit taking NBFC-ICC 8. Aditya Birla Finance Limited - Non-deposit taking NBFC-ICC 9. Tata Capital Limited - Non-deposit taking NBFC-ICC 10. Piramal Capital & Housing Finance Limited - Non-deposit taking HFC 11. PNB Housing Finance Limited - Deposit taking HFC 12. HDB Financial Services Limited - Non-deposit taking NBFC-ICC 13. Sammaan Capital Limited (Formerly known as Indiabulls Housing Finance Limited) - Non-deposit taking NBFC-ICC 14. Muthoot Finance Limited - Non-deposit taking NBFC-ICC 15. Bajaj Housing Finance Ltd. - Non-deposit taking HFC It is important to note that Piramal Enterprises Limited qualifies for identification as NBFC-UL but is not included in the current review due to an ongoing reorganization in the business group.

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