Question
Under the RBI’s scale-based regulation framework
(2022), how many NBFCs currently fall under the upper layer category as per a recent (OCt 2025) release data by RBI?Solution
Explanation: The RBI’s 2022 framework divides NBFCs into four layers — base, middle, upper, and top — depending on systemic importance. 15 major NBFCs , including Bajaj Finance, Tata Capital, Mahindra Finance, and Shriram Finance, are presently in the upper layer , which is subject to tighter regulation due to higher risk and interconnection with the financial system.
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