Mumbai, June 25 -- The Reserve Bank of India (RBI) has issued a revised framework for identifying Upper Layer Non-Banking Financial Companies (NBFC-ULs), stating that NBFCs with an asset size of Rs 1 lakh crore and above will automatically be classified in the Upper Layer category.

The central bank's move could strengthen the case for the public listing of Tata Sons, the principal holding company of the Tata Group. With an estimated asset base of around Rs 1.75 lakh crore, Tata Sons comfortably exceeds the threshold and is likely to remain classified as an Upper Layer NBFC.

The RBI's decision narrows the scope for Tata Sons to avoid Upper Layer classification and could reinforce listing-related regulatory requirements applicable to such...