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The Reserve Bank of India (RBI) on Thursday released the list of non-banking finance companies (NBFCs) in the upper layer segment for the year 2024-25, which included Tata Sons Private Ltd, Bajaj Finance Ltd, LIC Housing Finance Ltd and Aditya Birla Finance Ltd.
Tata Sons continues to be in the NBFC upper layer (UL) list despite its proposal to deregister as a non-banking finance company, the RBI said.
“Inclusion of Tata Sons Private Limited in the list of NBFC-UL is without prejudice to the outcome of its application for de-registration, which is under examination,” the regulator said.
Last year, Tata Sons had reportedly submitted its application to surrender its core investment company registration to avoid the mandatory listing within three years after being identified as NBFC-UL. Tata Sons was first time included in the NBFC-UL in September 2022, which means that the company will have to list by September this year. Other NBFCs which are being identified as NBFC-UL include Shriram Finance Ltd, Mahindra & Mahindra Financial Services Ltd, Tata Capital Ltd, PNB Housing Finance Ltd, HDB Financial Services Ltd, Sammaan Capital Ltd, Muthoot Finance Ltd, Bajaj Housing Finance Ltd, L&T Finance, Piramal Capital & Housing Finance Ltd and Cholamandalam Investment and Finance Company Ltd.
Despite qualifying for identification as NBFC-UL as per scoring methodology, Piramal Enterprises is not being included in the list of NBFC-UL in the current review due to ongoing reorganisation in the business group, the RBI said.
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