Tata Sons, Bajaj Finance among 16 NFBCs put in RBI's upper layer list

HDFC, although qualified to be in the upper layer, has been kept out of the list as it is merging with HDFC Bank

The Reserve Bank of India (RBI) on Friday released a list of large non-banking finance companies (NBFCs) including Tata Sons, the holding company of Tata Group, who have been put in the “upper layer” under the scale based regulatory framework that was released last year.

As many as sixteen NBFCs have been put in the list and have been asked by the regulator to put in place a board approved policy for adoption of the increased regulatory framework applicable to them.

Apart from Tata Sons Private, almost all large NBFCs, including Bajaj Finance, LIC Housing Finance, Shriram Transport Finance, L&T