RBI classifies NBFCs with assets above ₹1 lakh cr as Upper Layer

The RBI has issued a revised framework for identifying Upper Layer Non-Banking Financial Companies (NBFC-ULs), stating that NBFCs with assets of ₹1 lakh crore or more will automatically fall into the category. The move could strengthen the case for the public listing of Tata Sons. With an estimated asset base of about ₹1.75 lakh crore, Tata Sons exceeds the threshold.