Top RBI Approved NBFCs in India 2026 – Updated NBFC List

NBFC full form is Non-Banking Financial Companies (NBFCs), and they play a critical role in India’s financial system by providing loans, asset financing, and credit services where banks may not always reach. They have emerged as key drivers of financial inclusion, serving rural, semi-urban, and urban customers with tailored lending solutions.

In this article, we present the NBFC bank list, their scale, operations, and strengths, along with updates and regulatory changes that shape the NBFC sector.

What is an NBFC?

Let us first understand what NBFC is from the following points:

• An NBFC (Non-Banking Financial Company) is a financial company that provides loans and credit facilities but does not have a full banking license. An NBFC personal loan has less stringent eligibility requirements.
• NBFCs cannot accept demand deposits (like savings/current accounts).
• They are regulated by the Reserve Bank of India (RBI) under specific NBFC norms.
• Services include: personal loans, SME loans, gold loans, vehicle loans, consumer durable loans, housing finance, and microfinance.
• NBFC examples include Bajaj Finance Limited, Muthoot Finance Limited and more.

Please note that some NBFC loan without CIBIL score, as they check for alternate statements to understand your repayment capabilities.

RBI Approved NBFC List in India 2026

The following table shows the top 10 NBFC in India, generally termed as RBI approved NBFC list 2025 and 2026 with their headquarters and strengths:

Note: The above are the top 10 non banking finance companies in India, however, there are many other NBFC in India apart from the ones mentioned above.

Latest NBFC Updates & Regulations in 2026

The following are the key updates in 2026 related to NBFC in banking in India:

• RBI tightened the NBFC bank in India and governance norms as NBFCs need to have higher capital adequacy requirements and stricter audit.
• Major NBFCs like Bajaj Finance and Shriram Finance reported record AUM growth due to strong retail demand.
• Many NBFCs expanded digital lending platforms with AI-based credit scoring.
• Increased NBFC-bank partnerships for co-lending in personal, MSME, and housing loans.
• Regulatory focus on reducing NPA risks in the gold loan and vehicle finance segments.

Difference Between NBFCs, Private Banks, and Public Sector Banks

The following are the differences between NBFCs, private banks and public sector banks:

If you are interested in learning more about differences between banks and NBFCs, then we have a dedicated blog on the differences between banks and NBFC.

Benefits of Taking Loans from NBFCs

The following are some of the benefits of borrowing from NBFCs:

• Faster loan approvals with minimal paperwork.
• Flexible loan products tailored to individual needs.
• Strong presence in rural/semi-urban areas where banks are limited.
• Competitive loan interest rates in some categories.
• Gold loans and microfinance options are not always available at banks.

If you are interested in NBFC bank personal loan, we have tie-ups with many prominent NBFCs, and can help you get your personal loan at lowest interest rates.

Challenges and Risks in NBFCs

The following are the risks and challenges associated with NBFCs:

• Cannot offer deposit accounts (savings/current).
• Higher interest rates in certain loan categories.
• Risk of NPAs in rural lending and small borrowers.
• Some smaller NBFCs may have limited governance and liquidity issues.

Conclusion

NBFCs in 2026 remain one of the strongest financial factors of India’s credit growth. Leaders like Bajaj Finance, Shriram Finance, Muthoot, Mahindra Finance, and Tata Capital continue to dominate with digital lending, gold loans, and rural credit support. For borrowers looking for NBFC bank loan apply, they can apply for fast loans, flexible terms, and localised service.

FAQs on NBFCs in India

How is NBFC different from bank?

NBFCs cannot accept savings or current account deposits, while banks can. NBFCs mainly focus on lending and financial services.

Who is the no. 1 NBFC in India? 

As of recent years, Bajaj Finance Ltd is considered the No. 1 NBFC in India by market size and reach.

What are examples of NBFC?

Examples include Bajaj Finance, HDFC Ltd, Tata Capital, Muthoot Finance, and Shriram Finance.

Is NBFC comes under RBI?

Yes, NBFCs are regulated by the Reserve Bank of India (RBI).

What is the NBFC? 

An NBFC is a financial company that provides loans, credit, and investment services but does not operate like a bank.

Is LIC a NBFC?

No, LIC is an insurance company and not classified as an NBFC.

Which are the NBFC banks?

NBFCs are not banks, but large NBFCs include Bajaj Finance, Tata Capital, and Shriram Finance.

Is NBFC good or bad?

NBFCs are safe when RBI-registered and used responsibly, especially for loans and credit services.

What is a non-banking financial company?

A non-banking financial company is a registered entity that offers financial services without holding a banking license.

What are 5 non-banking financial institutions? 

Bajaj Finance, HDFC Ltd, Tata Capital, Muthoot Finance, and Shriram Finance.

Which NBFC stock is best?

Bajaj Finance and Shriram Finance are among the most tracked NBFC stocks by investors.

What is RBI registered NBFC? 

An RBI-registered NBFC is a company approved and regulated by the RBI to conduct financial activities.

Which 4 NBFCs are banned by RBI? 

RBI does not publish a fixed list; bans depend on compliance issues and change over time.

Which loan apps are not approved by RBI?

Apps not linked to RBI-registered banks or NBFCs are considered unapproved.

What are the top 16 NBFCs in India?

Major NBFCs include Bajaj Finance, Shriram Finance, Tata Capital, Muthoot Finance, and others.

Is Flipkart a NBFC company? 

No, Flipkart is an e-commerce company, not an NBFC.

Which is the largest NBFC in India?

Bajaj Finance is currently the largest NBFC in India by market capitalization.

Does NBFC fall under RBI?

Yes, all registered NBFCs operate under RBI regulation.

Which are the top 10 NBFCs in India?

Top NBFCs include Bajaj Finance, Shriram Finance, Tata Capital, Muthoot Finance, and Mahindra Finance.

Which company is NBFC?

Companies like Bajaj Finance, Tata Capital, and Shriram Finance are NBFCs.

Which NBFC share is best?

Bajaj Finance and Shriram Finance shares are commonly preferred by long-term investors.

What are NBFC banks in India?

There are no NBFC banks; NBFCs and banks are separate financial entities.

Which NBFC is banned in India?

NBFC bans are case-specific and announced by RBI when violations occur.

When did NBFC start in India?

NBFCs began operating in India in the 1960s and expanded rapidly after the 1990s.

Which NBFC is best for loans?

Bajaj Finance and Tata Capital are popular NBFCs for personal and business loans.

How many NBFCs are registered with RBI in India?

There are over 9,000 NBFCs registered with RBI in India.

Are NBFCs safe like banks?

RBI-registered NBFCs are regulated but do not offer the same deposit protection as banks.

Which is the largest NBFC in India 2026?

Bajaj Finance is expected to remain the largest NBFC in India in 2026.

Do NBFCs provide digital lending?

Yes, many NBFCs offer fully digital loans through apps and online platforms.

Can NBFCs give home and personal loans?

Yes, NBFCs provide home loans, personal loans, and other credit products.
 

Author: Diwakar Kumar Singh

Diwakar Kumar Singh is a finance writer and BFSI specialist with 7+ years of experience in financial content and research. He has authored hundreds of finance articles, published multiple books internationally, and contributed to research publications. A Gold Medalist MBA from IMT, he brings a strong analytical understanding combined with clear, reader-focused communication. His work focuses on simplifying complex financial topics, including IPO analysis, unlisted shares, financial ratios, and company evaluations, providing well-researched and evidence-based insights to help readers make informed financial decisions.