Which of the following NBFCs will always remain in the NBFC–Base Layer as per the RBI’s NBFC–Scale Based Regulations (SB

• RBI introduced the Scale Based Regulation (SBR) framework for NBFCs in 2021, with four regulatory layers: Base, Middle, Upper, and Top. • Certain categories are mandated to remain in the Base Layer regardless of size: o NBFC-P2P (Peer-to-Peer lending platforms) o NBFC-AA (Account Aggregators) o NOFHC (Non-Operative Financial Holding Companies) o NBFCs not availing public funds and with no customer interface • Other NBFCs like NBFC-D, CIC, HFC, IFC may be placed in the Middle or Upper Layer depending on their systemic importance. • Standalone Primary Dealers (SPD) and IDF-NBFCs are fixed in the Middle Layer.