RBI adds REC, PFC, IRFC, HUDCO to NBFC upper-layer list

The Reserve Bank of India on August 6 added four state-owned lenders—REC, PFC, IRFC, and HUDCO—to its Upper Layer NBFC list, raising the total to 17 from 15. PNB Housing Finance and Sammaan Capital were removed but remain under stricter norms for five years. Tata Sons was retained, with the RBI clarifying its inclusion doesn't affect its pending de-registration application.