Question
Under the RBI’s scale-based regulation framework
(2022), how many NBFCs currently fall under the upper layercategory?Solution
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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