RBI — Upper Layer NBFCs

Important Numbers

• RBI identified 17 NBFCs for the Upper Layer for FY 2026–27.
• Previous number: 15 in January 2025.
• Reference financial date: 31 March 2026.
• Tata Sons continues in the Upper Layer.

New Additions Mentioned

1. REC
2. PFC
3. IRFC
4. HUDCO

Prelims Concept

NBFC = Non-Banking Financial Company

An NBFC performs many financial activities similar to banks but operates under a different regulatory framework.

Memory Trick

R-P-I-H

REC
PFC
IRFC
HUDCO