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NBFC Registration

Requirement for Change in Management of NBFCs in India

posted by enterslice 15 days ago
tags: NBFC Registration NBFC

The NBFCs are required to fill in the requisite details and then only apply to the Reserve Bank for approval. After affecting any such change, the NBFC is required to apply to the Reserve Bank of India by submitting an application on the letterhead of the Company, along with the following listed documents.

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Difference Between NBFC Registration of NBFC Regulatory framework

NBFCs play a major role in the core expansion of infrastructure, transport, employment generation, wealth creation opportunities, and financial support for economically weaker sections; thereby, making a significant contribution towards the overall development of the country.

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NBFC Registration with Register of companies through Enterslice.

NBFC is filling up the gap of financial needs for the organized and unorganized section of the population. In the recent times, banks have targeted big commercial houses and individuals with excellent credit rating as their prime customers; This provided NBFCs with an opportunity to enlarge its presence in the financial market.

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RBI Regulation for NBFC License in India

The applicant company needs to be a company registered under the Companies Act, 2013 with a minimum paid up capital of Rs. 2 crores.If the applicant is a foreign company, its minimum capital shall be Rs. 5 crores.After registration of the company as Private Limited or Public Limited under Companies Act, 2013, the company needs to open a Fixed Deposit of Rs. 2 Crores. Now, you can move ahead to file the application in prescribed format with all necessary documents to Reserve Bank Of India.If the Reserve Bank of India after due diligence of the application, is satisfied that the documents are complete and are as per the requirement of Section 45-IA of the RBI Act of 1934, it may grant the license to the company to work as a Non-Banking Financial Company and grant Certificate of NBFC registration.

NBFC LicenseThe NBFC becomes eligible to accept deposits from the public, once the Certificate of NBFC Registration is granted to the company. Non-Banking Financial Companies need to comply with all the ru

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How to Get NBFC Registration/License in India

An NBFC is a company registered under the Companies Act that is engaged in the business of receiving loans and advances, receiving deposits (some NBFC only), acquisition of stocks or shares, leasing, hire-purchase, insurance business, chit business.

The Reserve Bank of India regulates and supervises NBFC Registration in India.

The criteria for obtaining NBFC registration are:

  1. The company must be registered in India as public limited or private limited company.
  2. The company must have a minimum net owned fund of Rs. 200 Lakhs. The net owned funds should be calculated based on the last audited balance sheet of the company.
  3. Hard copies of the list of documents must be furnished to the regional officer of RBI.

Procedure

  1. Applicant Company has to file an online application with the RBI.
  2. After the submission, the applicant will get a reference number to facilitate inquiry in the future.
  3. Then the company submits the duplicate hard copies to the concerned regional office of RBI
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