The Reserve Bank of India (RBI) released its list of 17 Upper Layer (UL) non-banking financial companies (NBFCs) for 2026-27. Tata Sons is on the list and must meet enhanced regulatory norms for at least five years and list itself within three years of identification. Others include REC, Power Finance Corporation, IRFC, Bajaj Finance, Shriram Finance, Tata Capital, LIC Housing Finance, Cholamandalam, Muthoot Finance and HUDCO. Under RBI's Scale Based Regulation, NBFCs fall into Base, Middle, Upper and Top layers; the Upper Layer covers NBFCs with assets of ₹1,00,000 crore and above and faces bank-like norms.