The RBI has started reviewing its Scale-Based Regulation (SBR) framework for non-banking financial companies. SBR, in place since 2022, places NBFCs in four tiers, the Base, Middle, Upper and Top layers, by their size and risk. NBFC credit is now close to 15% of India's GDP, and these firms are increasingly linked with banks. The review aims to manage that systemic risk and keep supervision effective.