Mumbai: The Reserve Bank of India (RBI) will soon issue a list of non banking finance companies (NBFCs) that fall in the upper layer category, governor Sanjay Malhotra said adding that the revised norms will be a principle-based system. He declined to specifically say whether Tata Group parent Tata Sons will be part of this list.
“It is now principle-based. So as per those principles, everyone knows what is the list. And so that is where the matter stands,” Malhotra said add under the principal based regulations it will be easier to classify NBFCs as upper-layer, middle layer and base layer.
Being classified in the upper layer will make Tata Sons liable for being publicly listed. In late June, the RBI released new norms for upper-layer NBFCs, bringing such companies with assets exceeding Rs 1 lakh crore under the umbrella that requires a public listing of shares. It also rejected feedback from the industry that suggested raising the assets cap to Rs 2.5 lakh crore.
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Deputy governor Shirish Chandra Murmu said the RBI will release the list of NBFCs “very soon.” The central bank has not published the list of upper-layer NBFCs since January 2025.
Tata Sons, the unlisted holding company of the sprawling salt-to-semiconductors conglomerate, was mandated to list by the original September 2025 deadline. In January last year, when RBI last published the list of upper-layer NBFCs expected to list, it said Tata Sons’ application to surrender its NBFC licence was under consideration. Since then, the regulator has remained conspicuously silent on the matter.
“All those which meet the criteria, they (will) continue….the new list is principle-based and that will continue… the status is what it was earlier,” Malhotra said.
