A total of 15 NBFCs are part of the list, down from 16 when the RBI first released it in September 2022. The RBI did not give any reason for the exclusion of Shanghvi Finance from the list. Among the 15 NBFCs in the list is Tata Capital Financial Services. Tata Sons, the holding company of the Tata Group, is classified as a core investment company (CIC) and part of the NBFC-Upper Layer.
