he Reserve Bank of India periodically publishes the official list of Non-Banking Financial Companies, Housing Finance Companies and Asset Reconstruction Companies holding valid regulatory registration.
The latest official RBI registry available as of the date of this article is dated 30 June 2026. It contains the names and regulatory particulars of NBFCs and ARCs registered with the Reserve Bank. RBI also maintains a separate list of companies whose Certificates of Registration have been cancelled.
Download Full List of RBI-Registered NBFCs
https://rbidocs.rbi.org.in/rdocs/content/PDFs/List_of_NBFCs_and_ARCs_registered_with_the_RBI.PDF
Introduction
India’s financial-services industry has experienced significant growth in digital lending, MSME finance, consumer credit, vehicle loans, housing finance, gold loans and rural financing.
Non-Banking Financial Companies have played a major role in this development by providing financial products to customer groups that may remain underserved by traditional banking institutions.
NBFCs often specialise in particular customer segments, geographical markets or financial products. Some focus on consumer finance, while others concentrate on commercial vehicles, housing, microfinance, infrastructure, business loans, equipment financing or investment activities.
For borrowers, the RBI NBFC list helps verify whether a lender is registered. For investors and lenders, it supports regulatory and commercial due diligence. For entrepreneurs, it helps in studying the competitive market before applying for a fresh NBFC licence or considering the acquisition of an existing NBFC.
However, appearing in the RBI list should not be treated as an investment recommendation, guarantee of repayment or confirmation that an entity is authorised to undertake every type of financial activity. The scope of permitted business depends on the category and conditions of its Certificate of Registration.
What Is an NBFC?
An NBFC is a company carrying on non-banking financial activities as its principal business.
Depending on its regulatory category, an NBFC may undertake activities such as:
- Providing loans and advances
- Financing vehicles, machinery or equipment
- Acquiring shares, bonds and other securities
- Providing microfinance
- Undertaking factoring transactions
- Operating a peer-to-peer lending platform
- Providing account-aggregation services
- Financing infrastructure projects
- Providing housing finance
- Acting as a Core Investment Company
An Investment and Credit Company, or NBFC-ICC, broadly includes a company whose principal business involves asset finance, providing finance through loans or advances, or acquiring securities, and which is not classified under another specific NBFC category.
An NBFC is different from a bank. A normal NBFC cannot accept demand deposits like savings or current-account deposits and cannot issue cheques drawn on itself. Only NBFCs specifically authorised by RBI may accept public deposits, subject to applicable limits and conditions.
Why Is the RBI NBFC List Important?
The official RBI list serves several important purposes.
Verification by Borrowers
Borrowers can use the list to check whether a company claiming to be an RBI-registered NBFC actually holds a Certificate of Registration.
This is especially important when dealing with digital loan applications, online lending platforms or companies operating through lending service providers.
RBI advises members of the public to verify registered NBFCs through its official website. An entity conducting non-banking financial activity without appearing in the authorised list may be reported to RBI’s concerned Regional Office.
Due Diligence by Investors
Investors considering equity investment, debt funding, collaboration or acquisition should verify:
- Whether the NBFC’s registration is active
- Its registered category
- Whether it is permitted to accept deposits
- Whether any regulatory restrictions have been imposed
- Whether its Certificate of Registration has been cancelled
- Whether there are pending RBI observations or compliance defaults
Merely finding a company’s name in an old RBI list is not sufficient. The latest registry and recent RBI regulatory orders should also be reviewed.
Market Research by Entrepreneurs
Entrepreneurs planning to launch an NBFC can study the official list to understand:
- Existing competitors
- Geographical concentration of NBFCs
- Popular lending categories
- Availability of potential acquisition targets
- Regulatory layers occupied by major NBFCs
- Scope for specialised lending products
Types of Entities Covered by the RBI Registry
The RBI registry may include multiple regulated categories rather than only conventional loan companies.
These can include:
- NBFC-Investment and Credit Companies
- NBFC-Micro Finance Institutions
- NBFC-Factors
- NBFC-Infrastructure Finance Companies
- Infrastructure Debt Fund-NBFCs
- Core Investment Companies
- Peer-to-Peer Lending Platforms
- Account Aggregators
- Mortgage Guarantee Companies
- Housing Finance Companies
- Standalone Primary Dealers
- Non-Operative Financial Holding Companies
- Asset Reconstruction Companies
Different regulatory directions, capital conditions and operational requirements apply to different categories. A company registered as an Account Aggregator, for example, cannot automatically conduct conventional balance-sheet lending merely because it appears in the RBI NBFC list.
NBFC Classification under Scale-Based Regulation
RBI regulates NBFCs through the Scale-Based Regulation framework. It divides NBFCs into four layers based on their size, activity and perceived risk.
The four layers are:
- Base Layer
- Middle Layer
- Upper Layer
- Top Layer
The intensity of regulation generally increases as an NBFC moves from the Base Layer to the higher layers. Requirements applicable to lower layers ordinarily continue to apply to higher layers unless RBI provides otherwise.
1. Base Layer: NBFC-BL
The Base Layer generally includes non-deposit-taking NBFCs having an asset size below ₹1,000 crore.
It also includes specific business models such as:
- NBFC-Peer-to-Peer Lending Platforms
- NBFC-Account Aggregators
- Non-Operative Financial Holding Companies
- NBFCs holding registration as Type I NBFCs
The classification is not based only on size. Certain specialised categories remain in the Base Layer because of the nature of their activities.
Most smaller non-deposit-taking lending companies fall within this layer unless group-level asset consolidation or another activity-based rule places them in the Middle Layer.
2. Middle Layer: NBFC-ML
The Middle Layer generally includes:
- All deposit-taking NBFCs, irrespective of their asset size
- Non-deposit-taking NBFCs with assets of ₹1,000 crore or more
- Housing Finance Companies
- Core Investment Companies
- Infrastructure Finance Companies
- Infrastructure Debt Fund-NBFCs
- Standalone Primary Dealers
An NBFC may also move into the Middle Layer based on the consolidated assets of NBFCs within its group.
Where the total assets of relevant registered NBFCs within a group reach ₹1,000 crore or more, each NBFC-ICC, NBFC-MFI, NBFC-Factor and Mortgage Guarantee Company within that group may become subject to Middle Layer regulation, even where its individual asset size is below ₹1,000 crore.
3. Upper Layer: NBFC-UL
The Upper Layer consists of NBFCs specifically identified by RBI for enhanced regulatory supervision.
A major regulatory change was introduced in June 2026. Under the updated framework, the Upper Layer is to consist of NBFCs having an asset size of ₹1,00,000 crore or more, based on the latest audited balance sheet for the financial year. The criteria are to be reviewed periodically, and the asset-size threshold is to be reviewed every three years.
Once an NBFC is identified as an Upper Layer entity, it must prepare a Board-approved implementation plan and comply with the enhanced regulatory framework within the prescribed transition period.
An NBFC classified in the Upper Layer generally remains under enhanced regulation for at least five years, even if it subsequently falls below the identification criteria, unless RBI permits an earlier exit based on an acceptable strategic restructuring.
4. Top Layer: NBFC-TL
The Top Layer is ordinarily expected to remain empty.
RBI may place an Upper Layer NBFC in the Top Layer where it considers that the entity poses a substantially increased level of systemic risk.
An NBFC placed in the Top Layer may face:
- Higher capital requirements
- More intensive supervisory engagement
- Additional governance conditions
- Enhanced risk-management requirements
- Other entity-specific regulatory restrictions
The Top Layer is therefore intended as a supervisory response for exceptional risk situations rather than a routine category.
Prominent NBFCs in India
RBI’s Upper Layer list published for 2024-25 identified 15 entities. The list was prepared under the identification methodology applicable at that time. RBI subsequently revised the Upper Layer methodology in June 2026, making asset size of ₹1,00,000 crore or more the principal identification criterion.
Some prominent names appearing in the previously published official Upper Layer list included:
1. LIC Housing Finance Limited
LIC Housing Finance is a major Housing Finance Company providing long-term finance for residential property purchases, construction and related housing requirements.
2. Bajaj Finance Limited
Bajaj Finance operates across consumer finance, personal loans, business finance and commercial lending. It was classified as a deposit-taking NBFC-ICC in RBI’s published Upper Layer list.
3. Shriram Finance Limited
Shriram Finance has a major presence in commercial-vehicle finance, MSME lending, two-wheeler finance and other retail credit segments.
4. Cholamandalam Investment and Finance Company Limited
Cholamandalam Investment and Finance Company operates in vehicle finance, home-equity loans, business finance and other retail financial products.
5. L&T Finance Limited
L&T Finance has a diversified retail-focused portfolio covering rural finance, personal lending, farmer finance and related financial products.
6. Mahindra & Mahindra Financial Services Limited
Mahindra Finance has a strong presence in rural and semi-urban markets, with products relating to tractors, vehicles, equipment and small-business finance.
7. Aditya Birla Finance Limited
Aditya Birla Finance provides retail, corporate and structured financial solutions across multiple customer segments.
8. Tata Capital Limited
Tata Capital operates across consumer finance, commercial finance, wealth-related services and other financial products.
9. HDB Financial Services Limited
HDB Financial Services provides consumer loans, enterprise lending and asset finance to retail and commercial borrowers.
10. Muthoot Finance Limited
Muthoot Finance is widely associated with gold-backed lending and operates through an extensive branch network.
Other entities appearing in RBI’s published 2024-25 Upper Layer list included Tata Sons Private Limited, Piramal Capital & Housing Finance Limited, PNB Housing Finance Limited, Sammaan Capital Limited and Bajaj Housing Finance Limited.
This list should not be interpreted as a ranking based on profitability, market capitalisation, customer service or investment quality. It reflects RBI’s regulatory identification under the framework applicable at the time of publication.
How to Verify Whether an NBFC Is Genuine
Before borrowing from, investing in or acquiring an NBFC, follow these verification steps.
Check the RBI Registry
Search for the company’s legal name in the latest RBI list.
A brand name, mobile application name or website name may be different from the legal name of the actual lender. The loan documents and Key Fact Statement should clearly identify the regulated lending entity.
Verify the Certificate of Registration
Ask for the following information:
- Full legal name
- Corporate Identification Number
- RBI Certificate of Registration number
- Registered office
- NBFC category
- Whether it is authorised to accept deposits
Review Recent RBI Orders
A company may appear in the registry but still be subject to restrictions on particular activities.
Check whether RBI has:
- Restricted fresh lending
- Imposed a monetary penalty
- Prohibited the acceptance of deposits
- Issued a show-cause or supervisory direction
- Cancelled or accepted the surrender of its registration
Confirm the Actual Lender
A fintech application may operate as a Lending Service Provider rather than an NBFC.
In such cases, the application should disclose the name of the RBI-regulated lender whose funds are being disbursed. Borrowers should not assume that every digital lending platform is itself an RBI-registered NBFC.
Why Do Companies Disappear from the RBI NBFC List?
The official list changes as RBI grants new registrations, processes voluntary surrenders, records mergers and cancels registrations.
A company may be removed because:
Voluntary Surrender
An NBFC may decide to discontinue its financial business and voluntarily surrender its Certificate of Registration.
Failure to Maintain Net Owned Fund
RBI prescribes category-specific minimum Net Owned Fund requirements.
For NBFC-ICCs, NBFC-MFIs and NBFC-Factors, the prescribed NOF is ₹10 crore. New applicants are expected to meet the requirement at the time of registration, while eligible existing entities have a regulatory glide path until 31 March 2027.
Non-Compliance with RBI Directions
Persistent violations may involve:
- Failure to file regulatory returns
- Weak governance
- Incorrect asset classification
- Inadequate provisioning
- KYC or AML failures
- Unfair lending conduct
- Improper outsourcing
- Deficient customer-grievance systems
- Misleading disclosures
- Unauthorised deposit acceptance
RBI has the power to impose penalties and cancel the Certificate of Registration of a non-compliant NBFC.
Merger or Amalgamation
An NBFC may disappear as a separate legal entity after merging with another company.
Cessation of Financial Business
A company that no longer satisfies the principal-business criteria or decides to undertake another business may apply for cancellation or surrender of its registration.
Conversion to an Unregistered Type I NBFC
From 1 July 2026, an NBFC operating without public funds, without customer interface and with an asset size below ₹1,000 crore may qualify for exemption as an Unregistered Type I NBFC, subject to prescribed conditions.
Eligible existing entities can apply for deregistration through PRAVAAH. They must demonstrate that operating without public funds and customer interface is a conscious, long-term business model.
Want to Enter the NBFC Sector?
Entrepreneurs generally consider two routes for entering India’s regulated lending market.
Route 1: Fresh NBFC Registration
A new company may apply to RBI for a Certificate of Registration.
For a standard NBFC-ICC, the applicant is required to maintain a minimum Net Owned Fund of ₹10 crore. The company must also satisfy RBI regarding:
- Promoter and director suitability
- Source of capital
- Ownership structure
- Business plan
- Financial projections
- Governance framework
- Credit and risk policies
- Technology infrastructure
- Customer-protection arrangements
- KYC and AML systems
- Operational readiness
RBI applications are submitted through the PRAVAAH portal. There is no guaranteed approval timeline, and registration depends on the completeness of the application and RBI’s satisfaction regarding all eligibility and public-interest considerations.
Route 2: NBFC Takeover
An investor may acquire shares or control of an existing RBI-registered NBFC.
A takeover may provide access to an existing corporate and regulatory structure, but it does not eliminate regulatory scrutiny.
Depending on the transaction, prior RBI approval may be required for:
- Change in control
- Acquisition or transfer of substantial shareholding
- Significant change in management
- Change in ownership structure
Before acquiring an NBFC, the buyer should conduct detailed due diligence covering:
- Validity of the Certificate of Registration
- RBI inspection observations
- Pending penalties or show-cause notices
- Loan-book quality
- Non-performing assets
- Customer complaints
- Tax and statutory liabilities
- Borrowings and security interests
- Related-party transactions
- Past filing defaults
- Litigation and recovery cases
- Data-protection and technology risks
Buying an NBFC without reviewing its regulatory history may expose the acquirer to undisclosed liabilities and supervisory concerns.
NBFC Compliance after Registration
Obtaining an NBFC licence is only the beginning of the regulatory journey.
An active NBFC may need to comply with requirements relating to:
- Net Owned Fund
- Capital adequacy
- Leverage
- Asset classification
- NPA recognition
- Provisioning
- KYC and AML
- Fair Practices Code
- Interest-rate policy
- Credit-information reporting
- Statutory and internal audit
- RBI supervisory returns
- Board governance
- Outsourcing arrangements
- Recovery practices
- Digital lending
- Cybersecurity
- Customer-data protection
- Grievance redressal
- Related-party transactions
- Asset-liability management
RBI’s regulatory framework now operates through multiple consolidated Master Directions addressing registration, governance, capital adequacy, credit facilities, responsible conduct, outsourcing, asset classification, disclosures and other specialised areas.
How NBFC Advisor Can Help
NBFC Advisor provides professional assistance across the NBFC lifecycle.
Our services include:
- Fresh NBFC registration
- NBFC takeover and acquisition support
- Regulatory due diligence
- RBI approval assistance
- Business-plan preparation
- Financial projections
- Net Owned Fund planning
- Promoter and director documentation
- Drafting of RBI-compliant policies
- PRAVAAH application support
- Replies to RBI queries
- NBFC compliance management
- RBI return filing
- Governance and Board-policy review
- Digital-lending compliance
- Internal compliance audits
- Certificate of Registration surrender and cancellation support
Whether you are planning to register a new NBFC, acquire an existing company or strengthen compliance within an operational NBFC, professional regulatory planning can reduce risk and prevent avoidable delays.
Frequently Asked Questions
How many NBFCs are registered in India in 2026?
The exact number changes as RBI grants registrations, accepts voluntary surrenders, records mergers and cancels Certificates of Registration. The latest official RBI list dated 30 June 2026 should be used for the current position rather than relying on a fixed number published in an older article.
Where can I download the official NBFC list?
The list is available on the RBI website under the Non-Banking Financial Companies section. RBI publishes the list of registered NBFCs and ARCs as well as a separate list of entities whose Certificates of Registration have been cancelled.
How can I check whether a loan application is connected with an RBI-registered NBFC?
Check the legal lender’s name in the loan agreement and Key Fact Statement. Search that legal name in RBI’s official registry. The name of the mobile application may be different from the regulated lender.
Does RBI registration guarantee repayment or financial safety?
No. RBI registration confirms that the company has been granted a regulatory Certificate of Registration for the permitted activity. It does not amount to a repayment guarantee, investment recommendation or assurance against business failure.
What is the minimum capital required for a new NBFC?
A new NBFC-ICC, NBFC-MFI or NBFC-Factor is generally required to maintain a minimum Net Owned Fund of ₹10 crore. Separate capital requirements apply to categories such as NBFC-P2P, NBFC-AA, HFC, NBFC-IFC and IDF-NBFC.
Can every NBFC accept public deposits?
No. Only an NBFC holding specific deposit-accepting authorisation from RBI may accept public deposits. A normal non-deposit-taking NBFC cannot collect public deposits merely because it holds an NBFC Certificate of Registration.
Is NBFC takeover easier than fresh registration?
A takeover can provide an existing regulatory structure, but it requires detailed financial, legal and regulatory due diligence. Prior RBI approval may also be required where the transaction results in a prescribed change in shareholding or control.
Conclusion
The RBI NBFC List 2026 is an important resource for borrowers, investors, fintech companies, lenders and entrepreneurs.
It helps users verify whether a company is registered, understand its regulatory category and identify entities whose registrations have been cancelled.
However, the list should be read together with the latest RBI directions and regulatory orders. An NBFC’s inclusion in the registry does not automatically authorise it to accept deposits or undertake every financial activity.
The 2026 regulatory changes have also made it important to understand the revised Scale-Based Regulation framework. While the Base and Middle Layer thresholds continue to depend on size and activity, the updated Upper Layer framework identifies NBFCs with assets of ₹1,00,000 crore or more for enhanced regulation.
Businesses entering the NBFC sector must therefore look beyond obtaining a licence. Long-term success depends on governance, capital strength, transparent lending, accurate reporting, technology controls and continuous regulatory compliance.
For assistance with NBFC registration, takeover, RBI approvals, compliance or regulatory due diligence, contact NBFC Advisor.
Planning to register or acquire an NBFC? Connect with NBFC Advisor for end-to-end support, from initial feasibility assessment and documentation to RBI approval and ongoing compliance.
Disclaimer: This article is intended for general informational purposes only. It does not constitute legal, investment, financial or regulatory advice. RBI lists, directions and classifications may be amended from time to time. Readers should verify the latest official position and obtain professional advice before making any decision.