Regulating NBFCs: RBI proposes bank-like norms for the top 30 January 22, 2021 Suggests four-layer pyramid structure, with progressive levels of regulation The Reserve Bank of India (RBI) plans to usher in a four-layered regulatory and supervisory framework for non-banking finance NBFCs as it embarks on the path of a scale-based regulation in the backdrop of the recent stress in the sector. In its discussion paper on “Revised Regulatory Framework for NBFCs -- a Scale-Based Approach”, RBI said its proposed framework could be visualised as a pyramid, comprising NBFCs grouped in four layers -- Base Layer (BL), Middle Layer (ML), Upper Layer (UL) and a possible Top Layer (TL).