#nbfc registration

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Why CFO vs. Virtual CFO?

You have the option of either hiring an internal chief financial officer or obtaining a remote one on a contract basis because every organization has various requirements and wants.

Small companies and early-stage startups are typically more likely to hire a virtual CFO since they can take advantage of various functions without having to pay permanent employees. For small businesses and early startups, having a financial partner on board from the outset is more important from a strategic standpoint than it is from tax compliance or accounting one.

A Virtual CFO at a small business must wear many hats and handle a wide range of responsibilities, from bookkeeping to strategic financial planning and implementation.

On the other hand, the conventional CFO is a full-time employee who is actively involved in company operations. However, major businesses can still use Virtual CFO services to help them with tasks they are now unable to complete due to a lack of time or expertise.

A CFO may now have a shadow team working under his direction on anything from ERP implementations to stock market listings.

Visit us to Know more: NBFC Advisory

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How an NBFC Registration Consultant Helps Businesses Secure RBI Approval: A Complete Registration Guide

Starting a Non-Banking Financial Company (NBFC) in India requires careful planning, regulatory understanding, and compliance with the guidelines established by the Reserve Bank of India (RBI). Since NBFCs operate in the financial sector and provide services such as loans, investments, and credit facilities, obtaining RBI approval is a critical step before commencing operations.

The registration process involves multiple legal and documentation requirements, making professional assistance valuable for businesses entering this sector. An experienced NBFC Registration Consultant helps applicants understand regulatory requirements, prepare necessary documents, and complete the application process smoothly.

Understanding NBFC Registration in India

NBFC registration is the process through which a company obtains a Certificate of Registration (CoR) from the RBI to legally operate as a Non-Banking Financial Company. Companies planning to engage in financial activities such as lending, investment, or financing must meet the eligibility conditions prescribed by the RBI.

Before applying, a company must generally be incorporated under the Companies Act and fulfil requirements related to capital, management structure, financial planning, and regulatory compliance.

Step-by-Step NBFC Registration Process

The process of obtaining RBI approval involves several important stages:

1. Company Incorporation and Initial Preparation

The first step is to establish a legally registered company with a suitable business structure. The company should have clearly defined financial objectives and a business plan outlining its proposed activities.

Promoters must also ensure that the company meets the applicable requirements related to net owned funds and other RBI conditions.

2. Arrangement of Required Capital

An applicant must maintain the prescribed minimum capital requirements applicable to its category of NBFC. Proper financial planning is essential to demonstrate the company’s ability to operate in accordance with RBI regulations.

3. Preparation of Documents

A complete and accurate documentation package is necessary for RBI submission. Commonly required documents may include:

Certificate of incorporation and company details

Memorandum and Articles of Association

Details of directors and promoters

Business plan and financial projections

Proof of capital availability

KYC and background details of management personnel

A professional advisor helps ensure that documents are properly prepared and aligned with regulatory expectations.

4. Online Application Submission to RBI

The company must submit its application through the RBI’s online portal along with supporting documents. The application is reviewed by RBI officials to assess the company’s eligibility, financial strength, and compliance readiness.

5. RBI Review and Verification

During the evaluation stage, RBI may examine the company’s background, management experience, financial structure, and business model. Any clarification or additional information requested by RBI must be provided within the required timeline.

6. Grant of Certificate of Registration

If the application satisfies all RBI requirements, the company receives a Certificate of Registration, allowing it to commence NBFC activities as per applicable regulations.

Role of an NBFC Registration Consultant in RBI Approval

Navigating RBI regulations can be challenging due to detailed compliance requirements and changing financial guidelines. An experienced NBFC Registration Consultant provides professional support throughout the registration journey.

A consultant assists with:

Assessing eligibility before application

Preparing and reviewing documentation

Understanding RBI compliance requirements

Structuring business plans effectively

Coordinating communication during the approval process

Reducing the chances of application delays or rejection

Professional guidance allows businesses to focus on developing their financial services while ensuring regulatory requirements are properly addressed.

Why Choose ASC Group for NBFC Registration Support?

Obtaining RBI approval requires accuracy, expertise, and proper compliance management. ASC Group provides specialised support for businesses seeking reliable assistance with the NBFC registration Process.

With experienced professionals and industry knowledge, ASC Group helps clients understand regulatory requirements, prepare applications, and manage compliance obligations efficiently. Their expert advisory approach ensures that businesses receive structured guidance throughout the registration process.

Conclusion

Setting up an NBFC requires more than just meeting basic eligibility criteria; it involves detailed compliance planning and effective coordination with regulatory authorities. A professional consultant can simplify the journey by providing expert guidance at every stage.

With the support of ASC Group, businesses can approach the RBI approval process with better preparation and confidence, ensuring a smoother path toward establishing their NBFC operations.

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NBFC Registration Consultant in India | NBFC License | ASC Group

Looking for NBFC Registration in India? Check our blog to know NBFC License Cost, Requirements, Eligibility Criteria, Registration process,

NBFC Registration is mandatory for companies intending to offer financial services such as lending, investment, asset financing, or microfinance under RBI regulations. The process involves capital adequacy, documentation, compliance assessment, and regulatory approvals. ASC Group provides expert NBFC Registration Consultant services, end-to-end advisory, application support, and compliance guidance to help businesses establish and grow successfully.

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How to Get NBFC Registration in India: Requirements, Eligibility, and Common Mistakes to Avoid

The Non-Banking Financial Company (NBFC) sector in India plays a crucial role in supporting financial inclusion by offering loans, credit facilities, asset financing, and investment services without holding a full banking license. Due to strict regulatory control by the Reserve Bank of India (RBI), obtaining approval is a structured process that requires careful compliance with legal and financial norms.

If you are planning to enter this sector, understanding the complete process of NBFC registration , NBFC Registration Consultant , NBFC License in India is essential to avoid delays and regulatory issues. Professional advisory support from firms like ASC Group can help streamline documentation and compliance requirements effectively.

What is NBFC Registration in India?

NBFC registration refers to the approval granted by the RBI under the RBI Act, 1934, allowing a company to carry out financial activities such as lending, leasing, hire purchase, investment, and asset financing. Unlike banks, NBFCs cannot accept demand deposits but are still heavily regulated to ensure financial stability and customer protection.

To legally operate, businesses must obtain a valid NBFC License in India before commencing operations.

Eligibility Criteria for NBFC Registration

Before applying for registration, companies must meet specific eligibility conditions set by the RBI:

Company Incorporation: The applicant must be a registered company under the Companies Act, 2013.

Minimum Net Owned Fund (NOF): Currently, a minimum of ₹10 crore is required (as per RBI norms for most NBFC categories).

Clean Credit History: Directors and promoters should have a strong credit track record with no defaults.

Professional Management: The company should have experienced management in finance or related sectors.

Business Plan: A well-documented five-year financial projection is mandatory.

Meeting these requirements is the first step toward successful approval.

Documents Required for NBFC Registration

The RBI requires a detailed set of documents to evaluate the applicant’s credibility and financial strength:

Certificate of Incorporation

PAN and CIN details of the company

Detailed business plan and financial projections

Banker’s report confirming creditworthiness

Information on directors and shareholders

Audited financial statements (if applicable)

Board resolution for NBFC activities

Accuracy in documentation is critical, as incomplete or inconsistent filings can delay approval.

Step-by-Step Process of NBFC Registration

The process of obtaining an NBFC License in India involves several stages:

1. Company Setup and Capital Arrangement

Ensure the company is incorporated and meets the minimum capital requirement of ₹10 crore as Net Owned Funds.

2. Documentation Preparation

Prepare all required financial, legal, and business documents in compliance with RBI guidelines.

3. Submission to RBI

File the application through the RBI’s COSMOS portal and submit physical documents to the regional RBI office.

4. RBI Evaluation

The RBI reviews the application, verifies documents, and may ask for additional clarifications or modifications.

5. Grant of Certificate of Registration (CoR)

Once satisfied, the RBI issues the Certificate of Registration, allowing the company to operate as an NBFC.

At this stage, professional assistance from an NBFC Registration Consultant can help ensure smooth coordination with regulatory authorities.

Common Mistakes to Avoid During NBFC Registration

Many applications face rejection or delays due to avoidable errors:

Incomplete or inconsistent documentation

Insufficient Net Owned Funds

Weak or unrealistic business projections

Poor compliance history of directors

Incorrect classification of NBFC category

Lack of clarity in financial activities

Avoiding these mistakes significantly improves the chances of approval.

Role of Professional Consultancy in NBFC Registration

Given the complexity of RBI regulations, engaging experts can be highly beneficial. ASC Group provides advisory support for financial structuring, documentation, and regulatory compliance. Their expertise helps applicants navigate the technical requirements of NBFC registration , NBFC Registration Consultant , NBFC License in India while ensuring adherence to RBI norms.

Professional guidance also reduces the risk of application rejection and improves overall processing efficiency.

Conclusion

Obtaining an NBFC License in India is a structured and compliance-heavy process that requires strong financial preparation, accurate documentation, and adherence to RBI guidelines. Businesses aiming to enter the financial services sector must carefully evaluate eligibility criteria and avoid common mistakes that can delay approval.

With proper planning and expert guidance from ASC Group, companies can successfully complete their NBFC registration journey and establish a strong presence in the non-banking financial sector. Original Source

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NBFC Registration Consultant in India | NBFC License | ASC Group

Looking for NBFC Registration in India? Check our blog to know NBFC License Cost, Requirements, Eligibility Criteria, Registration process,

Looking to start an NBFC? ASC Group provides expert NBFC registration services including eligibility assessment, RBI compliance, documentation, licensing support, and regulatory approvals.

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NBFC Registration -[phone]

An Overview of NBFC Registration in India Non-banking financial companies (NBFCs) in India are a vital part of the Indian financial service system. NBFCs have multiplied in large numbers and are serving the public at large to support the financial inclusion program with affordable credit at home. NBFCs are playing a key role in meeting the credit demands unmet by traditional banks, specifically focusing on peer-to-peer lending. CorpZo is the leading firm in India for NBFC registration.

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It is a Company registered under the Companies Act engaged in the business (es) of providing financial services including loans & advances, leasing, hire purchase etc. They provide loans and advances and other credit facilities to business people or budding entrepreneurs where banks/Financial Institutions are not comfortable or say it is an alternative source of finance to businessmen. Thus, they have widened the spectrum and array of products and services offered by the financial sector. Progressively, NBFCs are gaining increasing recognition due to their customer-oriented services; flexible products, abridged procedures; flexibility and timeliness in meeting the credit needs of the seekers of credit; etc.

NBFCs in India are regulated by the Reserve Bank of India (RBI) within the framework of the Chapter IIIB of the Reserve Bank of India Act, 1934 and any rules made thereunder or any directions issued by it under the Act. It is prima facie that the NBFC can be Companies registered under the Companies Act, 1956/2013 with the object clause of financial activity and the same need to take approval from the Regulator Reserve Bank of India RBI) before commencing the business of finance. Upon approval of the RBI, the Company can start the financial business and the entity should maintain the Principal Business Criteria (PBC) regularly Financial Activity as “Principal Business” implies that financial assets of the Company shall constitute more than 50% of the total assets of the Company and income from such financial assets shall constitute more than 50% of the gross revenue of the Company, is termed as “PBC”.

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Start Your NBFC Registration with Corpzo Today. Phone: [phone] Email: [email protected] Website: https://www.corpzo.com

Types of Non-Banking Financial Companies (NBFC) in India Non-Banking Financial Companies (NBFCs) in India play a crucial role in India's financial ecosystem. These institutions, which are not traditional banks but provide financial services similar to banks, have witnessed significant growth in recent years. NBFCs cater to a wide range of sectors and segments, each with its unique set of requirements and challenges. In this blog post, we will delve into the different types of NBFCs and explore their diverse landscape. NBFC is also categorized into two ways, based on liabilities as well as activities. NBFC Based on Activities An asset finance company plays a significant role in providing finances for the purchase of the assets, such as machinery, equipment & vehicle. They primarily raise funds via deposits, investments, debentures. For instance, the asset finance companies contribute to making investments in the infrastructure sectors. As the name itself suggests, investment companies primarily invest in shares, stocks & debentures. With this, it raises funds from the public and then invests them in quite a few investment partners. They provide assistance to those who aim towards the expansion of their financial portfolios & earning via dividends. Loan Companies are those NBFCs in India, which raise funds from the public and lend the same to the borrowers in the form of personal loans with other types of credits. It is a form of NBFC company registration aiming towards financing the infrastructure, such as roads, bridges, power plants, etc. As a result, it aims towards raising funds from the public & provides loans to the concerned authorities, like infrastructure developers. The Micro-Finance institution refers to a one-such kind of NBFC, Which aim towards providing financial services to the small business or lowincome individuals. In addition, it provides you with savings accounts, small loans along with other financial resources, which aim at empowering economically weaker sections of society. In total, it promotes financial inclusion by reducing the poverty gap and giving access to financial services to the selective population

Mortgage Guarantee Company being a part of the NBFC Company registration gives mortgage services to the lenders, including finance companies & banks. If the borrower defaults, these companies ensure repayment, reducing lenders' credit risk. It also plays a defining role in promoting housing finance & regulating access to affordable housing for individuals. It entails acquiring receivables from an assignor to extend loans at a discount against the security of receivables. It is an altogether different type of NBFC, responsible for setting up or holding any financial service with the RBI’s approval under the regulatory. Infrastructure Debt Fund aims at raising the resources via bonds, especially for the infrastructural projects. In addition, these bonds are then issued in various currencies, in order to ensure that investors have a five-year maturity period. It is one of the non-banking finance company, which deals with the following factors, which include the following factors That deploys 90% of its total assets in the form of investment in shares, stocks, and debt or loan group companies.

Out of 90%, 60% should be invested in equity shares or those which compulsorily converted later in equity shares.

In conclusion, NBFCs are classified into various types based on their liabilities, each serving a specific purpose in the financial ecosystem. Whether it is providing loans for asset acquisition, investing in securities, offering credit facilities, financing infrastructure projects, empowering the underprivileged, or mitigating credit risks, NBFCs play a crucial role in supporting economic growth and development in India.

What are the Requirements for NBFC License in India? If you are planning to start a Non-Banking Financial Company (NBFC) in India, there are requirements during the registration process. These documents play a crucial role in determining the eligibility and credibility of your NBFC. It is as followsAn NBFC shouldHow NBFCs are Different from Banks? When we talk about financial institutions, it consists of NBFCs and banks, where the terms can be used interchangeably. However, it carries significant differences as well. Let us have a look at itHow are NBFCs Different from Banks? When we talk about financial institutions, it consists of NBFCs and banks, where the terms can be used interchangeably. However, it carries significant differences as well. Let us have a look at itOne of the main differences between Non-banking financial institutions and banks is the regulatory framework. Here, Banks are regulated by the Reserve Bank of India (RBI), Whereas NBFCs fall under the Companies Act of 2013. Compared to banks, the latter carries flexibility in guiding the operations along with the stated regulations.

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Banks are designed to accept deposits from the public, which is a part of their business structure. On the flip side, NBFCs do not accept these deposits, unlike Banks do. They are accustomed to accepting specific types of deposits, like recurring, fixed, or non-convertible debentures. For instance, the distinction makes banks viable for individuals who want to keep their savings safe. There exist differences in the way Banks and NBFCs approach lending activities. The Former lends money to businesses & individuals, whereas the NBFCs shift their gaze to niche markets. As a result, they cater to the disadvantaged segments of the population by providing loans to small businesses, self-employed individuals, and people with limited credit histories. Such a specialization guides NBFCs to encourage lending solutions or facilities not provided by traditional banks.

In conclusion, while banks and NBFCs play crucial roles in the financial sector, they have distinct differences. NBFCs offer flexibility in their operations, cater to underserved segments, and leverage technology for innovation. Understanding these differences can help individuals and businesses make informed decisions when choosing between them for their financial needs. What are the Documents Required for NBFC Registration?

If you are planning to establish a Non-Banking Financial Company (NBFC) in India, there are certain documents that you need to submit during the registration process. These documents play a crucial role in determining the eligibility and credibility of your NBFC. Board resolution(s) stating the following:

That deploys 90% of its total assets in the form of investment in shares, stocks, and debt or loan group companies.

Out of 90%, 60% should be invested in equity shares or those which compulsorily converted later in equity shares. Be a Company registered under the Companies Act.

Should have a minimum net owned fund of INR 2 Crores. Regulatory Framewor

The company undertakes that it is not carrying on any NBFC activity or has not carried on and stopped any NBFC activities in the past activity and will not carry on or commence the same before getting registration from RBI The company has not accepted any public deposit, in the past/does not hold any public deposit as of this date and will not accept the same in future without prior approval of the Reserve Bank of India

The unincorporated bodies in the group where the director holds a substantial interest or otherwise have not accepted any public deposits in the past; and does not hold any public deposit as of the date and will not accept any public deposits in the future The “Fair Practices Code” as per RBI Guidelines has been formulated by the Company

Copy of Fixed Deposit receipt & bankers certificate indicating Net Owned Fund.

Experience Certificate, if any, in the financial services sector (including Banking Sector) in respect of all Directors

Banker Report on Fixed Deposit and Current Account of Company

CIBIL Report of Director and Shareholder

Profile of Board of Directors

Business plan of the company

Audited balance sheet along with annexures or provisional/unaudited, as the case may be.

What is the Procedure for Applying for NBFC Registration in India? Are you planning to apply for a Non-Banking Financial Company (NBFC) Registration in India? Congratulations! This can be an exciting venture, but before you can begin operations, you need to go through the process of NBFC registration. In this section, we will guide you through the step-by-step procedure for applying for NBFC registration in India. Step 1:- Every company registered under the Companies Act, 1956/2013 with the object clause of financial activity needs to obtain a certificate of Registration (CoR) from the Reserve Bank of India (RBI) to commence business as NBFC. Step 2:- For registration of an NBFC, an application is to be submitted in the prescribed form along with the necessary attachments with the RBI for its scrutiny. Step 3:- On being satisfied that the provisions of the RBI Act have been complied with then a CERTIFICATE OF REGISTRATION is issued to the entity. It is imperative to fulfil the following prerequisites for obtaining a certificate of registration of NBFC from RBI:-

The applicant must be a Company registered under the Companies Act for the time being in force The Company shall have a minimum NOF (Net Owned Funds) of INR 2 Crores who wish to set up an NBFC in India. At least one of the directors shall have experience in a similar field of business or should be an experienced banker. The CIBIL records of the Director and Shareholder should be free from any irregularities. The Board of Directors should foster the intention of serving the public at large with the financial inclusion policy adopted by the entity. Every director of the company should pass the “fit and proper” criteria set by RBI.

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Step 4:- On satisfaction of the aforementioned essentials, the Company should go for its registration as an NBFC in the form prescribed by the RBI along with all the mandatory documents and attachments. This application (COSMOS) can be filled out on the website of RBI. Step 5:- On Successful submission of the application, an application reference number (ARN) is issued by the RBI to the applicant for the tracking status of the application. Once, the ARN has obtained a physical copy of the application along with all the attachments should also be submitted with RBI. Step 6:- Once the application is received by the RBI, on scrutiny of the Company Profile, Promoter/Director and Shareholder Profile then upon satisfaction the license of registration of NBFC is granted by the RBI.

How will CorpZo Help You with the Process? At CorpZo, we understand the importance of acquiring NBFC Compliance. It is a crucial step towards expanding your business and reaching new heights of success. Our team of experts has years of experience and Extensive knowledge of the procedures involved in obtaining NBFC. We are well-versed in the legalities and regulations of the process, ensuring that your registration is completed seamlessly and efficiently. With our expertise, you can rest assured that your registration process will be handled with the utmost care and professionalism. So, if you are looking for a reliable and experienced team to handle your NBFC Compliance, look only as far as CorpZo.

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How to register a Non-Banking Finance Company (NBFC) with RBI?

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A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956/2013 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property.

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How NBFC are different from Bank? NBFCs lend and make investments and hence their activities are akin to that of banks; however there are a few differences as given below:

NBFC cannot accept demand deposits;

NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;

Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.

Regulated Authority for NBFC: The Reserve Bank of India (RBI) formulates rules & regulations for NBFCs, therefore license from RBI is required for starting NBFC in India as per Section 45-IA of the RBI Act, 1934. The RBI is authorized to regulate NBFCs by ensuring that they are complying with the prescribed rules & regulations.

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Financial activity as “principal business”: Financial activity as principal business is when a company’s financial assets constitute more than 50 per cent of the total assets and income from financial assets constitute more than 50 per cent of the gross income. A company which fulfils both these criteria will be registered as NBFC by RBI.

Different types/categories of NBFCs: NBFCs are categorized:

in terms of the type of liabilities into Deposit and Non-Deposit accepting NBFCs,

non deposit taking NBFCs by their size into systemically important and other non-deposit holding companies (NBFC-NDSI and NBFC-ND) and

by the kind of activity they conduct.

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Within this broad categorization the different types of NBFCs are as follows:

Asset Finance Company

Loan and Investment Company

Infrastructure Finance Company

Systemically Important Core Investment Company

Infrastructure Debt Fund: Non- Banking Financial Company

Non-Banking Financial Company - Micro Finance Institution

Non-Banking Financial Company – Factors

Mortgage Guarantee Companies

NBFC- Non-Operative Financial Holding Company

Pre Requisites for NBFC Registration For NBFC registration, below mentioned conditions must be fulfilled as per Section 45-IA of the RBI Act, 1934:

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Directors of the applicant company must possess requisite experience in NBFC/Banking areas in order to apply for NBFC license.

Five Year Business Plan:

An applicant company needs to draft detailed business plan for the next five years.

Credit History:

The credit score of the company, directors & its shareholders must be fine and they must have not defaulted loan re-payment deliberately to banks or to NBFCs.

FEMA Compliances:

In case of involvement of foreign investment, an applicant company must have complied with the FEMA Act. 100% FDI is allowed from FATF member countries.

NBFC Registration Procedure: Following steps to be taken for NBFC Registration:

Register a Private Limited or Public company

The proposed name of the company must include Finance, FinServ, Fin, Investment, Capital, Fintech, and Leasing etc.

Minimum NOF (Net Owned Fund) Requirement: The applicant company must possess minimum NOF of Rs. 2 Cr.

Deposit Net Owned Funds in bank account opened for company

Applicant Company has to file an online application with the RBI on its official website.

Documents required to be submitted (Illustrative list):

Fully filled application form

Certified copy of COI (Certificate of Incorporation) / MOA / AOA

Latest audited annual accounts

Statutory auditor certificate

Net Worth Certificate of Directors, Shareholders & Company

Educational qualification documents of the proposed directors

Highest Experience certificates

Directors & Shareholders business profile

Credit report (CIBIL) of directors & shareholders

KYC details, PAN of the company, address proof of the company

Bank account details of the company [Rs. 2 Cr must have deposited as NOF]

Audited balance sheet of last 3 years or from the date of incorporation

Income tax Returns

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Banker’s Report confirming no lien on fixed deposit

Format of board resolution regarding NBFC registration

Business Structure

Business Plan for the next 5 years consisting

After this, an applicant will get a reference number to facilitate inquiry in the future.

After this, it is required to submit the physical application copies to the concerned regional office of RBI.

The regional office shall check the accuracy of all submitted documents.

The regional office will send the application for NBFC registration to the central office.

The central office of RBI grants NBFC registration only when applicant company fulfills prescribed requirements under section 45-IA.

RBI may seeks clarification / further information as deemed fit.

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RBI Conditions for Granting NBFC License: After filing application for NBFC registration, RBI will scrutinize the file and grant license only after satisfying the below mentioned conditions:

Ability of NBFC to repay its dues to investors and Business Plan of the company must fulfill the larger interest of the society

Capability to Infuse Sufficient capital

Earning capability of the Proposed Business

Activities shall be carried out in such a manner that it shall be in the public interest

Board shall act in the interest of public or depositors

Granting license will contribute to the economic growth of the country

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NBFC registration is for those banking services obtained by complying with the Companies Act, 2013 provisions and RBI Act, 1934. However, a company, after acquiring an NBFC registration, will be assured a license for NBFC banking services, unlike traditional banking services. Moreover, after obtaining an NBFC registration, an NBFC company must follow the RBI or Reserve Bank of India updated circulars, guidelines, and notifications to align with the mandatory standards and compliance in the field of NBFC Financial Banking services.

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NBFC acronym stands for Non-Banking Financial Corporation, registered under the Companies Act 2013 and regulated under the provisions of the Reserve Bank of India (RBI). NBFC banks are engaged in the banking business operations of loans, advances, equities, debts issued by the government or local authorities, and various other stock acquisitions, etc. However, NBFC banks are different and distinct from traditional banking or cooperative banks. A company holding an NBFC registration is not eligible to carry a principal business of agriculture activity, industrial activity, or purchase of sales and goods except for securities or business engaged in providing services or purchase, construction, and sale of various other immovable properties.

In India, NBFC registration is boosted extensively due to its flexible eligibility criteria. Its demand has been increasing rapidly, meeting the needs and requirements of the customers as compared to the traditional banks. The government of India, through its concerned authority RBI, has circulated various regulations and guidelines to promote easy access of finance services to the public. Thus, the Reserve Bank of India has framed specific rules and regulations for smoothly functioning the NBFC registrations and its business operations, protecting the interests and credibility of the banks and depositors.

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What do you mean by NBFC Registration in India? Any company that is seeking to form or obtain an NBFC company or non-banking financial company has to apply for an NBFC registration before the concerned authority, RBI, or Reserve Bank of India after fulfilling all the requirements according to the guidelines or regulations put up by the RBI. The Reserve Bank of India is the concerned authority responsible for monitoring the activities and business operations of NBFC Bank in India. This NBFC financial service is engaged in offering loans and advances and acquiring stocks, equities, and debts issued by the government or any local authorities. Before obtaining an NBFC registration, a company registration under the Companies Act 2013 is mandatory to carry out the NBFC financial business. Moreover, the primary business of NBFC activity is to receive deposits under a prescribed scheme and arrangements. Such deposits can be made either in a lump sum amount or in instalments using contributions from the customers. Further, according to 45 IA of the RBI Act 1934, no NBFC bank can operate its banking operations without obtaining an NBFC registration from the concerned authority.

NBFC registration certificate can only issued by the concerned authority i.e. Apex Bank and no other authority is authorized for the same. Therefore, the Apex Bank regulated various compliance and regulations concerning NBFC registration ensuring easy access to obtaining an NBFC licence.

Eligibility Criteria for NBFC Registration According to section 45-ia of the RBI Act, 1934 given below are the prerequisites before obtaining an NBFC registration, a company must:

A company get NBFC registration by registering as a company according to section 3 of the Companies Act,2013.

The company must ensure that at least 1/3rd of the total directors hold a finance or banking experience of 10 years. Moreover, such a director shall be employed as a full-time director of a company.

A company must have a detailed-oriented business plan capable of operating business for at least five years or more.

The company must have a minimum net-owned fund of Rs.2 core. However, such NOF must only consist of equity paid-up share capital and not preference share capital.

A company must also ensure that both the company and directors have a good CIBIL score or Credit Information Bureau of India Limited. The concerned company shall also ensure that the company does not have any kinds of wilful defaults or write-offs on loan repayments to banks and NBFC.

If in case a company is engaged in a foreign investment service then the company must comply with the FEMA (Foreign Exchange and Management Act) regulations or provisions.

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Documents Required for NBFC Registrations Some of the major document requirements for NBFC registration are as follows:

A company’s incorporation certificate.

detailed information about the company’s management system along with the company’s brochure.

A copy of the company’s PAN card or the CIN (Corporate Identity Number) of the company.

Documents showing the address and location of the registered company.

A certified copy of both MOA (Memorandum of Association) and AOA (Article of Association).

List of directors duly signed by every director of the company.

CIBIL scores or credit reports of the company’s directors are to be submitted before the concerned authority for NBFC registration.

A copy of the company’s board resolution declaring that a company has not carried out an NBFC financial business operation and will not carry the same until an NBFC registration is granted by the RBI to the respective company.

A company must submit a certificate issued by a statutory auditor declaring that the concerned company is not holding any public deposit and also does not accept the same.

READ Valuation Requirements for NBFCs: A Compliance Guide

A certified copy of the company’s board resolution has to be submitted by the concerned company declaring that a Fair Practices Code is to be followed by the company in operating their specific business.

A company must also submit a document certificate stating net-owned funds of the company issued through a statutory authority as of the date of application for NBFC registration.

Various other information about the company has to be submitted, such as bank account information, loans, credits, and balances.

Unless it is applicable, a company seeking an NBFC registration must submit the following listed statements of the previous three years, such as an audited balance sheet, bank statement of profit and loss, and reports of both directors and auditors of a concerned company.

A copy of a self-certified income tax return and bank statement has to be submitted by the concerned company before the concerned authority for NBFC registration.

A document stating information about a company’s plans and projects normally for the coming next three years including the balance sheets, income statements and cash flow statements has to be submitted before the concerned authority for NBFC registrations.

How To Register as NBFC and its Legal Procedures Here are the given below on how NBFC registration with RBI or Reserve Bank of India Act and legal procedures are conducted:

Company Registration

The first step to obtaining NBFC registration in India is to register a company under the Companies Act reflecting the NBFC banking services by adding characters to the company’s name such as finance, investment, invest, fin stock, etc. Further, RBI generally does not allow companies to operate NBFC finance businesses that do not reflect the NBFC characteristics.

Minimum net-owned fund

The minimum net owned fund for a company eligible for NBFC registration was 2 crores, but now it has been changed to 10 crores circulated through an RBI or Reserve Bank of India.

Bank Account Opening

The minimum net owned fund of a company must be kept as a deposit account in the concerned bank ensuring that such funds are free from liens. Commonly such funds are kept in a fixed deposit by a company. Thus, RBI at the time of considering the company for NBFC registration verifies such deposits or amounts held by the company kept in the banks.

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Applying Online as per RBI

The applicant company shall apply for an online application for NBFC registration along with a physical submission of an application before the RBI attaching all the necessary documents to the concerned regional office of the Reserve Bank of India. Thus NBFC application can be submitted online for obtaining a certificate of registration following RBI guidelines.

Filing of an additional Documents.

RBI has the authority to issue a bank licence to a company seeking an NBFC registration. Such finance companies seeking NBFC license from RBI needs to enclose the following other documents with the application such as a copy of E-Form Spice 32 an experience certificate of a director if any in an NBFC banking business etc.

Certificate Of Registration

After submitting the applications by a company for NBFC registration before the concerned authority RBI, the same shall be evaluated by the Reserve Bank of India, and various documents and further clarifications may be requested from such applicants from time to time. Finally, once the RBI approves the applications to align with all the formalities and compliance requirements, the RBI shall issue a certificate of NBFC registration to a concerned applicant company.

NBFC In India Registration Fees Depending on the type of NBFC bank and the company’s NOF or net-owned fund, the cost of NBFC registration will differ. Moreover, along with the NBFC registration fees, NBFC bank also needs to pay a specific deposit amount with RBI; such a deposit with RBI also depends on the NOF of the company. Further, the NBFC registration processing fee is approximately Rs.3,50,000 with a net owned fund of Rs 2 crore plus an additional charge of around 10-12 lakhs if a consultancy professional company is engaged. Therefore, the total expenditure for NBFC registration will cost around 20 lakhs or more, depending on the scenario.

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Procedure For NBFC Registration The applicant company seeking NBFC registration may follow the following steps in the process of NBFC registration:

An applicant must register a Private Limited or Public company according to the Companies Act,2013 before filling out an application for NBFC registration. Moreover companies registered under the companies act can only file an application for NBFC licence.

The applicant company has to apply for NBFC registration online before the concerned authority, along with a physical copy of an application attached with the required documents, before the concerned regional office of the Reserve Bank of India.

The proposed name of an NBFC company must ensure that the name contains Finance, FinServ, Fin, Investment, capital, Fintech, etc.

The applicant company must deposit a minimum net-owned fund of Rs.2 Cr.

This application can be submitted online by accessing RBI’s guidelines through the online official website of RBI. Such application from the website shall be downloaded, and the data will be entered to fill out the important details and thus uploaded.

The applicant bank, after the online submission of the application, will receive a CoR or a Company Application Reference Number to initiate a further procedure. After the online application, an applicant needs to submit an online application before the concerned authority along with CoR and various other supporting documents before the concerned authority.

READ NBFC compliance under FEMA

Documents to be submitted along with the application form are certificate copy of COI, latest audited annual accounts, statutory auditor certificate, education qualifications of directors, shareholders, and company, net worth certificate of directors, shareholders, and company, etc. before the concerned regional office of RBI.

Such application shall be verified and rectified by the concerned officer before giving the final approval.

The applicant company, after completing the process of registration and submitting the said application, can regularly check and follow the status of their application on the official website through an acknowledgement receipt.

The concerned authority i.e. RBI grants an NBFC registration after final approval of the applications and documents under section 45 ia of the RBI Act, 1934. Thus NBFC bank must ensure that provisions of the RBI act are complied with.

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Compliances For An NBFC NBFC plays an important role in uplifting the financial ecosystem by providing various financial services similar to =banks. However, to operate a financial service, NBFC has to meet strict compliance requirements to stay relevant to the NBFC regulatory framework. Given below are the important NBFC compliance checklist:

To obtain an NBFC registration and license from the concerned authority to run the NBFC business operations. Thus, NBFC is regulated by the RBI.

NBFC Bank has to maintain a robust corporate governance framework. This includes being equipped with a competent board of directors, resolution, meetings, effective risk management, and various other internal control management. Moreover, NBFC has to be incorporated under the companies act.

NBFC banks have to maintain minimum capital adequacy requirements to meet unexpected losses and to safeguard the depositors’ and investors’ interests.

NBFC banks must comply with the required prudential norms and asset classification.

It is indeed important for NBFC banks to comply with KYC and anti-money laundering measures to mitigate activities connected to money laundering and terrorist financing.

To ensure a customer’s interest protection, NBFC must have a fair practices code and consumer protection.

With the advancement in technology, NBFC also has to be equipped with data security and information technology systems by complying with various data protection laws to protect customers and prevent data breaches.

NBFC banks must maintain regulatory reporting and compliance with the concerned authority within the stipulated time to avoid any legal liabilities and penalties.

Powers of RBI on NBFCs Reserve Bank of India is the concerned authority that regulates and governs NBFC banking business operations. Given below are some of the important powers of RBI on NBFC financial services:

RBI is responsible for the NBFC registration and license for operating its banking business.

Power of RBI to remove directors from the office and to appoint alternate directors while removing directors from the board.

RBI regulated NBFC by prohibiting NBFC from issuing prospectus and advertisements soliciting deposits of money.

RBI is the authority responsible for framing and issuing policies and directions on NBFC banking services.

RBI has also the power to collect information from NBFCs such as details of the bank statements, and information connected to deposits.

RBI has also the power to prohibit NBFC banks from accepting deposits and alienation of assets if found that NBFC bank is violating RBI regulation frameworks.

RBI has the power to file a winding-up petition under the Companies Act 2013 if NBFC is not able to pay the debt amount.

The Reserve Bank of India also has the power to inspect the NBFC business operations.

Advantages of NBFC Registration Given below are the major benefits of NBFC registration

It provides easy eligibility criteria for meeting customers’ facilities for loans and credit.

NBFC registration allows a company to enter into the convenience of trading in market instruments.

NBFC registration also provides wealth management services such as managing stocks and shares portfolios.

Unlike a traditional bank, NBFC registration provides customers with easy access to apply for loans with not-so-complex rules and regulations.

NBFC banks are capable of underwriting shares, stocks, and other liabilities.

NBFC or non-banking financial companies registration also ensures 100% Foreign Direct Investment in the country.

With the advancement of technology, NBFC banks have also introduced various technologically advanced software and modules attracting a larger number of customers or audiences by providing an option to a customer for credit facilities or services.

NBFC banks like any other banks can now authorized to use the Securitization and Reconstruction of Financial Assets and Enforcement Security Interest Act to recover a debt amount from the borrowers.

Reasons Behind Cancellation of NBFC Registration Here are the reasons behind the cancellation of an NBFC registration:

If an NBFC company is operating the business without a bank license or without registration from RBI, it is granted the right to run NBFC financial services.

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If NBFC bank is not able to maintain the required net owned fund. If NBFC fails to operate or follow policies such as the fair practice code, recovery policy, and various grievance redressal policies, If the NBFC bank fails to make a repayment of the deposits. In case the NBFC bank is not carrying out NBFC financial business activities. Failure of NBFC bank to submit a book of accounts to the concerned authority. If the board of directions of an NBFC bank is not able to fulfil the requirements as per the RBI guidelines to run an NBFC business.

Conclusion

An NBFC registration has to be obtained by any company seeking for an NBFC banking license. NBFC banks, unlike traditional banks, don’t have stringent eligibility criteria, thus fulfilling the various sections of the economy that may not be eligible for a loan in a traditional bank. NBFC plays a crucial role in the financial market by meeting people’s financial needs and requirements. RBI is the concerned authority that is authorized to frame policies and regulations on NBFC and its functions. NBFC, to have a seamless performance, must follow the guidelines and master circulars issued by the RBI. NBFC registration is considered to be one of the toughest approvals to be obtained from the RBI. However, with a thorough understanding and knowledge, one can secure the NBFC registration very smoothly.

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NBFC Registration in India- An Overview Non-Banking Financial Companies (NBFCs) in India play a crucial role in the financial ecosystem, facilitating financial services without holding a banking license. NBFCs with an NBFC license from the RBI also acquire shares, stocks, bonds, debentures, securities, etc., issued by the government or local authority or other marketable securities.

An NBFC is registered under the Companies Act 2013 and regulated by the RBI within the framework of the RBI Act, 1934. As per section 45-I (c) of the RBI Act, any non-banking company functioning as a financial institute will be termed a Non-Banking Financial Company.

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Regulatory Framework

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NBFCs are regulated by the Reserve Bank of India (RBI) under Chapter IIIB of the Reserve Bank of India Act, 1934. This framework provides the legal foundation, ensuring NBFCs operate within specific boundaries.

Registration and Approval

Company Registration: NBFCs can be companies registered under the Companies Act of 1956 or 2013.

Object Clause: They must include a clause for financial activity in their objectives.

RBI Approval: Before starting their financial operations, NBFCs must secure approval from the RBI. This approval process ensures that only compliant entities enter the financial market.

By integrating these elements, the regulation of NBFCs in India is both structured and comprehensive, safeguarding the interests of all stakeholders involved.

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What is NBFC Registration? NBFC registration refers to the process of obtaining a license from the Reserve Bank of India (RBI) to function legally in India. Even foreign entities planning to venture into the NBFC business in India must get an NBFC license to be eligible to operate legally in India

NBFCs should maintain a healthy, positive net worth of INR 10 Crores. It’s a crucial measure to ensure the financial health of an NBFC.

Why is NBFC Registration Online Important? NBFC companies in India planning to start business operations must comply with all government rules, legal compliances, and regulatory standards. NBFC registration online is essential as it streamlines the registration process for NBFC. It is more efficient, time-saving, and hassle-free. One of the most significant benefits of NBFC registration online is that it reduces the burden of heavy paperwork, which makes the process more comfortable and convenient.

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Another critical aspect of NBFC registration online is that it allows the applicants to manage compliances and regulations with the most minor errors. This process is more transparent and flexible and quickly helps the applicants track their application status.

NBFC registration online supports the Government of India’s digital initiative, a mission to facilitate ease of doing business and to attract investment from domestic and foreign sources. The role of NBFCs in India’s economic growth is noteworthy, and strengthening this sector through policies has been a priority for the government.

What are the Benefits of NBFC License Registration? Given below are the significant benefits of NBFC license registration

Eligibility Criteria to Apply for NBFC Registration When applying for NBFC registration in India, it's crucial to meet specific eligibility criteria set forth by the regulatory authorities. Here’s a comprehensive guide to ensure your preparation aligns with the requirements:

Essentials for NBFC Registration Company Registration: The applicant must be registered either as a private or public limited company under the Companies Act, 2013. This is a fundamental prerequisite to establish the legal identity of your NBFC.

Minimum Net Owned Fund: According to the Reserve Bank of India (RBI) mandate, all NBFCs, including Investment and Credit Companies (NBFC-ICC), Micro Finance Institutions (NBFC-MFI), and Factor (NBFC-Factor), are required to maintain a minimum net owned fund (NOF) of INR 10 crore. This financial threshold is crucial for demonstrating financial stability and capability.

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Experienced Management: One-third of the management team must possess at least 10+ years of banking experience in areas such as credit, risk, or retail operations. This ensures that the company is run by individuals with a solid understanding of the financial industry.

Business Plan: A robust business plan is necessary, outlining the company’s objectives and how it intends to benefit the public at large. This plan should reflect the company's vision and strategic approach to serving its customers.

Credit History: The applicant company, along with its directors, shareholders, and any associate companies, must have a clear credit history with no record of loan defaults. A clean credit record is essential to establish the company’s credibility and trustworthiness.

Meeting these requirements is vital for the successful registration and operation of an NBFC in India, ensuring compliance with regulatory standards and building a foundation for sustainable growth

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Activities Not for NBFCs with a NBFC License Certificate NBFC companies in India with a NBFC license certificate do not include the following businesses:

Agricultural activity Industrial activity Purchase or sale of any goods, excluding securities Sale, purchase, or construction of any immovable property (providing of any services)

Documents Required for NBFC Registration in India Entities applying to obtain NBFC registration in India are required to submit the following documents:

PAN Card Bank account with a minimum paid-up equity share capital of INR 10 crores. Director and Shareholder KYC Details of the professional backgrounds of directors and shareholders Net worth of directors and shareholders – certified by the CA Confidential reports from bankers regarding shareholders and directors Duly attested highest education certificate copy Shareholders' and directors’ credit reports Capital Structure of the Company – Certified by the CA MOA & AOA of the applicant company – Duly certified Business plan and financial projections – Approved by the Board Employment certificates and business experience certificates for all entities, including directorial employment history Banker report that confirms INR 10 crores Fixed deposit in the bank account of the NBFC company Credit policy approved by the Board, Business SOP and software plan for business operations

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How to Get a NBFC License from RBI in India? The registration process for NBFC in India is long, and it takes about 180 working days to receive the final approval from the authorities. If all the required steps are followed and there are no inconsistencies in the documentation process for an NBFC license from RBI, the delays can be avoided. The step-by-step guide to NBFC registration is as follows:

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Company Registration: Applicants must register their company under the Companies Act, 2013 (or earlier acts). It must have obtained the certificate of incorporation (CoI) from the Registrar of Companies and must have arranged for INR 10 crore as paid-up capital.

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Prepare & Submit a Valid Business Plan: Applicants seeking NBFC registration must have a detailed business plan ready to run the operations for the next 5 years. This plan should clearly outline the business objectives, executive summary, HR plan, market analysis, financial projections, and risk management.

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Process of Scrutiny: This process involves consultants collecting documents from shareholders and promoters. This is done to ensure that capital and management requirements comply with the pre-application criteria listed by the RBI.

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The Application for NBFC Registration: The applicants can apply for NBFC registration online via the RBI’s official website. The application e-form can be downloaded from this website, which provides an application reference number to the applicants.

Prepare & Submit Documents: It is important for an applicant to ensure that all the documents required for applying for NBFC registration are in order. Once the documents are examined, they must be physically submitted at the RBI’s Central office for authentication.

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NBFC Registration Certificate by RBI: Once the documents are successfully scrutinized and verified by the regional and central offices, the RBI then issues the NBFC registration certificate, which is made available to the applicant within 180 days. However, the NBFC license is issued only if all the requirements provided under Section 45-IA are complete and meet the required conditions and compliances.

Types of NBFCs Registered through NBFC Registration in India

NBFCs in India are classified on the basis of the authorization to accept deposits. These include: Type 1 – Deposit Taking NBFCs (NBFC-D) and Type 2 – Non-Deposit Taking NBFCs (NBFC-ND). These are registered through NBFC registration in India and further classified as:

Type 1 – Deposit Taking NBFCs (NBFC-D)

Asset Finance Company (AFC) – An Asset Finance Company finances physical assets such as automobiles, generators, and tractors. Core Investment Company (CIC) – A Core Investment Company invests mainly in group companies. Housing Finance Company (HFC) – A Housing Finance Company offers loans to purchase, construct, or renovate residential properties regulated by the National Housing Bank.

Micro Finance Institution (MFI) – A Micro Finance Institution provides micro-loans to groups and individuals with low incomes. Mutual Benefit Finance Company (MBFC) – A Mutual Benefit Finance Company offers loans and accepts deposits. Their operational model is similar to that of a cooperative society.

Type 2 – Non-Deposit Taking NBFC (NBFC-ND)

Infrastructure Debt Fund (IDF-NBFC) – Infrastructure Debt Fund NBFC invests in infrastructure debt.

Infrastructure Finance Company (IFC) – Investment and Finance Company is involved in investments in infrastructure projects.

Investment Company (IC) – An investment company offers various financial services to individuals and businesses, such as loans, credits, and investments. Loan Company – The Loan Company grants loans and advances. However, these loans should not be used for asset acquisition but for other activities such as working capital finance.

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Systematic Important Core Investment Company (CIS-ND-SI) – A Systematic Important Core Investment Company owns assets worth INR 100 crore or more. Such companies are required to deploy 90% of their assets towards debt instruments or loans in group companies

NBFC Registration - Market Share of NBFCs in India

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NBFCs are the driving force behind the sustainable growth of the Indian economy as they assist in meeting the capital requirements of MSMEs and business ventures. As India is on the path to becoming a $7 trillion economy by 2030, NBFCs have a significant role to play.

These institutions have multiplied in large numbers, becoming crucial allies in the financial inclusion program by offering affordable credit directly to people's homes. Unlike traditional banks, NBFCs focus on peer-to-peer lending, addressing credit demands that often go unmet.

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Diverse Financial Services: NBFCs provide an array of services, including loans, advances, leasing, and hire purchase. This diversity allows them to cater to a wide range of financial needs.

Alternative Financing: They serve as an alternative source of finance for entrepreneurs and business people, particularly where banks may be hesitant. This flexibility is essential for those seeking non-traditional credit solutions.

Customer-Centric Approach: With their customer-oriented services, NBFCs offer flexible products and faster procedures. Their ability to meet credit needs promptly has earned them increasing recognition within the financial sector.

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Support for Underserved Markets: By targeting segments that are often overlooked by traditional financial institutions, NBFCs play a pivotal role in broadening the reach of financial services across India.

Progressively, NBFCs are gaining prominence due to their innovative and adaptable approach, positioning them as integral players in the evolving landscape of India's financial services

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Book a Free Consultation for NBFC Registration [phone]

NBFC REGISTRATION IN INDIA

What is the Timeline for NBFC Registration Online with RegisterNBFC?

Company Setup and Planning (30 Days) Company registration, bank account opening, and business plan drafting.

Capital Infusion & Documentation (30 Days) Capital infusion and preparation of all RBI-required documents.

RBI Review & CoR Approval (4–6 Months) RBI scrutiny, clarifications, and issuance of Certificate of Registration.

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Why NBFC Registration Matters for your Business? To start a non-banking financial services business in India, obtaining NBFC registration from the Reserve Bank of India (RBI) is mandatory. NBFCs do not require a banking license but are regulated by the RBI under Chapter III-B of the Reserve Bank of India Act, 1934.

Only companies incorporated under the Companies Act, 2013, can apply for NBFC registration. As per Section 45-IA of the RBI Act, a company must obtain a Certificate of Registration (CoR) and meet the prescribed Net Owned Fund (NOF) requirement, which is currently ₹10 crore for most NBFCs.

NBFCs play an important role in the financial system by providing loans, investments, and other financial services, particularly where banks have limited reach. While some NBFCs may accept deposits with RBI approval, they cannot accept demand deposits, and such deposits are not covered under deposit insurance.

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Types of NBFC Registration by Regulatory Norms of RBI

NBFC–Base Layer (BL) Non-deposit NBFCs with assets below ₹1,000 crore.

NBFC–Middle Layer (ML): Deposit-taking and larger NBFCs with higher compliance.

NBFC–Upper Layer (UL) Top NBFCs identified by RBI based on size and risk.

NBFC–Top Layer (TL) Special category for NBFCs posing systemic risk.

What is the Procedure of NBFC Registration Online? The step-by-step procedure of NBFC registration online is as follows:

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Firstly, you will have to register your company under the Companies Act, 2013, followed by obtaining a CoI (Certificate of Incorporation) from the Registrar of Companies. As such, the applicant must have a minimum paid-up capital of 10 crore. Secondly, you need to create a detailed business plan to register with RBI, including a summary of how you plan to operate it and make money from it. After the completion of a business plan, submit it to the RBI. This is the stage when the RBI will review the application and check if the details entered are correct and complete. This shall ensure that the application has fulfilled the required compliance. Gather all the mandatory documents and submit them to the RBI for a final review. Some of the documents are PAN card, KYC, MoA, and AoA as proof of identity of the business and the owners. Lastly, after the final review of an application and documents, the RBI will grant the NBFC registration certificate, and you can thus legally start your business operations.

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NBFC Registration Compliance Checklist Have a look at the NBFC registration compliance checklist-

Statutory Auditor Certificate (DNBS10)- 31st December FATF Compliance Certificate- 30th June FEMA & FDI Compliance Reporting- 30th June Balance Sheet & Profit/Loss Submission- 30th September GST Annual Return (GSTR-9,9C)- 31st December FEMA Foreign Investment Reporting- Monthly Loan Securitization & Borrowing Compliance- 30th April & 31st October CAR Reports- 31st March, 30th June, 30th September, and 31st December

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Market Value for NBFC Registration- Trends & Projections The demand for NBFC registration is sky-high among NBFC business enthusiasts. The market trends and projections below suggest a strong and positive future for the digital lending ecosystem.

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NBFC Registration Online Procedure - [phone]

A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013 engaged in the business of loans & advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business.

The non-Banking Financial Companies do not possess proper banking licenses like the commercial banks but (after getting NBFC License from RBI) offer a verity of very supportive and helpful services to public depositors borrowers and investors in some selected areas of Business.

An entity desirous of getting NBFC license from RBI must fulfill the following two norms: It should be a company incorporated under Companies Act, 2013. It should be a company having minimum net owned funds of INR 2 crores. NBFC Registration Procedure (How to Get NBFC License from RBI?) NBFC Registration Procedure has been simplified by RBI by providing online platform to applicants. An existing company or a newly incorporated Company under the Companies Act 2013/1956 needs to go through the following Registration process to get a license from RBI

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The applicant company incorporated under the Companies Act 2013 is required to apply online. The application can be submitted online by accessing RBI’s secured website – www.cosmos.rbi.org.in The company can download a suitable application form from the above website, key in the data, and upload the application form. After filing the online Application the company has to submit the hard copy of the application form (indicating the online Company Application Reference Number, along with the supporting documents, to the concerned Regional Office of RBI. The company can then check the status of the application from the above-mentioned secure address, by keying in the acknowledgment number. The license will be granted only after vigilant inspection of the application and documents attached with it. Non-Banking Financial Company (NBFC) licensing Criteria An entity desirous of securing NBFC license must fulfill the following two criteria :

It should be a company incorporated under Companies Act, 2013/1956. It should be a company having minimum net owned funds of INR 2 Crores

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Documents Required for NBFC Registration The detailed Checklist of documents for registration of an NBFC (getting license from RBI) are tabled below:-

Sr. No Particulars of Documents required for NBFC registration. 1 Certified copy of Certificate of Incorporation. 2 Extract of the main object clause in the MOA clearly depicting the financial business. 3 For companies already in existence, the Audited balance sheet and Profit & Loss account along with directors & auditors report or for the entire period the company is in existence, or for last three years, whichever is less, 4 Board resolution stating that: The company is not carrying on any NBFC activity and will not commence the same before getting registration from RBI The UIBs in the group where the director holds substantial interest or otherwise has not accepted any public deposit in the past /does not hold any public deposit as on the date and will not accept the same in future The company has formulated “Fair Practices Code” as per RBI Guidelines The company has not accepted public funds in the past/does not hold any public fund as on the date and will not accept the same in the future without the approval of Reserve Bank of India The company does not have any customer interface as on date and will not have any customer interface in the future without the approval of Reserve Bank of India 5 Copy of Director’s experience certificate in the Financial Services Sector (including Banking Sector). 6 Bankers report depicting details of deposits and loans balances as on the date of application and the conduct of the account. NBFC Registration and Regulations All activities transactions and working of the NBFCs in India are regulated supervised and controlled by RBI Act 1934 and regulations and provisions as provided in the Chapter III B of RBI Act 1934.

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However, in terms of the powers given to the Reserve Bank, to obviate dual regulation, certain categories of NBFCs which are regulated by other regulators are exempted from the requirement of registration with RBI viz.

Venture Capital Fund/Merchant Banking companies Stock broking companies registered with SEBI, Insurance Company holding a valid Certificate of Registration issued by IRDA, Nidhi companies as notified under Section 620A of the Companies Act, 1956, Chit companies as defined in clause (b) of Section 2 of the Chit Funds Act, 1982, Housing Finance Companies regulated by National Housing Bank The Reserve Bank has issued following detailed directions on prudential norms, of NBFCs However applicable regulations vary based on the deposit acceptance or systemic importance of the NBFCs.

Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, Non-Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015 Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015. Further The RBI directions inter alia, prescribe guidelines on

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Income recognition of NBFCs. Asset classification and provisioning requirements applicable to NBFCs. Exposure norms, disclosures in the balance sheet. Requirement of capital adequacy. Restrictions on investments in land and building and unquoted shares. Loan to value (LTV) ratio for NBFCs predominantly engaged in business of lending against gold jewellery, besides others. Statutory liquidity requirements.

The Reserve Bank of India (“RBI”) has further amended the Directions through the RBI (Non-Banking Financial Companies- Registration, Exemptions, and Framework for Scale Based Regulation) Amendment Directions, 2026 (“Amendment Directions”), effective April 1, 2026.

Earlier RBI vide its notification dated November 28, 2025, has unveiled amendments titled as ‘Reserve Bank of India (Non-Banking Financial Companies-Registration, Exemptions, and Framework for Scale Based Regulation) Directions, 2025’ (“Directions”) which has marked a significant shift in the regulatory framework for Non-Banking Financial Companies (“NBFCs”).

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The Amendment Directions came pursuant to a review of the regulatory position applicable to NBFCs that neither avail public funds nor have any customer interface. It now introduces a new category of NBFCs-entities with no public funds and no customer interface- which are exempt from mandatory registration under Section 45-IA of the Reserve Bank of India Act, 1934, subject to compliance with prescribed conditions. This represents a calibrated departure from the traditionally stringent regulatory approach applied to the sector. By adopting a ‘light-touch’ framework for such entities, particularly private investment vehicles, the RBI aims to focus supervisory attention on systemic risks while facilitating ease of doing business

This article examines the classifications and eligibility conditions for the newly introduced categories under NBFCs framework, the process for registering unregistered entities as Unregistered Type I NBFCs, the procedure for surrendering certificates of registration by existing NBFCs that now fall within the Unregistered Type I NBFC category, and the opportunities for existing business models as well as the challenges arising from the introduction of this new category.

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Exit Gate: Surrender of License for Existing registered NBFCs with Zero Customer Interface and Public Funds Existing registered NBFCs that fit the new ‘Unregistered’ criteria have a one-time window to surrender their Certificate of Registration (“CoR”) which is opened till September 30, 2026. The applications can be submitted via the PRAVAAH portal.

Requirements: The application for deregistration is accompanied with the following set of documents:

✓ 3 years of audited financial statements along with the status of public fuds and customer interface for the last three financial years; and

✓ a Statutory Auditor’s Certificate (SAC).

Please note that physical surrender of the CoR is required to be submitted with RBI.

The Board of such NBFCs must provide an undertaking to disclose the its status as an Unregistered Type I NBFC and pass a resolution confirming that it has no intention to access public funds or engage with customers in the future and agree to obtain registration as a Type II NBFC if it accesses public funds or has customer interface, or its asset size exceeds INR 1,000 crore whichever happens first.

In addition, the category of Unregistered Type I NBFC and status of public funds and customer interface needs to be disclosed as parts of notes to accounts to the financial statements.​

Principal Business Test and Emerging Complexities A company is considered a NBFC if its principal business is financial activity. The status of such financial activity is determined using the well-known ‘50-50 Test’, which requires that:

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Financial assets constitute more than 50% of total assets (net of intangible assets); and Income from financial assets constitutes more than 50% of gross income. In cases where a company satisfies the above test but has not obtained NBFC registration, Statutory Auditors traditionally qualify their reports-particularly for investment companies that meet the 50-50 threshold. However, complications arise when a company technically qualifies under the 50-50 test but does not clearly demonstrate financial activity as its principal business. Now such entities fit into the category of Unregistered Type I NBFCs which is a valid categorization that can function like NBFCs but remain outside the formal registration framework.

However, there is also potential for companies to structure parallel financial and non-financial activities, adjust their balance sheet composition at year-end to remain within prescribed thresholds, and effectively operate in the nature of NBFCs without formal registration. This raises the possibility of regulatory arbitrage and supervisory gaps.

A New Avenue for Family Offices Generally, family offices in India structured their investment activities through private trusts, Alternative Investment Funds (AIFs), or NBFCs registered with the RBI, depending on the nature and scale of operations. Under the revised Directions, eligible entities-such as investment vehicles that neither access public funds nor engage in any customer interface-may operate through a corporate structure without seeking RBI registration, subject to compliance with the prescribed conditions.

While this framework does not create a separate ‘family office’ category, it effectively provides greater structuring flexibility for single-family investment entities operating purely with internal capital. In that sense, the reforms move Indian regulatory practice closer to global approaches that adopt proportionate regulation for non-systemic, proprietary investment structures.

Regulatory and Compliance Concerns While the Amendment Directions significantly reduce the compliance burden for eligible NBFCs, they also give rise to potential regulatory and supervisory challenges. Monitoring compliance with Anti-Money Laundering (AML) requirements and ensuring effective oversight within the credit information framework may become more complex where entities operate outside the registration regime. In addition, supervisory constraints, the risk of regulatory arbitrage, and practical difficulties in determining a company’s true principal place of business may emerge.

There is also a possibility that companies may structure their financial activities in a manner that enables them to conduct transactions during the year while technically avoiding the thresholds of public funds and customer interface, thereby qualifying as Unregistered Type I NBFCs at the end of the financial year. Such structuring could pose challenges for regulators in maintaining effective oversight and safeguarding financial system integrity.

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Conclusion The RBI’s Amendment Directions mark a bold step toward a more mature and responsive financial market. By de-regulating entities that undertake investments primarily out of their own funds-particularly investment vehicles with no customer interface, the RBI is fostering an environment aligned with emerging business models in this sector. This initiative reflects the central bank’s broader strategy of balancing financial stability with ease of doing business, ensuring that regulation remains proportionate to actual risk exposure.

However, the onus of compliance has shifted significantly to statutory auditors and Boards, who must now act as the primary gatekeepers of these unregistered entities.

As India’s NBFC sector continues to expand and diversify, these amendments have the potential to reshape the operational landscape for smaller firms, family offices, investment holding entities, group treasury companies, and other entities within large corporate groups. By reducing unnecessary regulatory burdens while preserving oversight, the framework can strengthen the financial ecosystem-enabling entities to structure their financial activities more efficiently while remaining aligned with regulatory expectations.

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DONe -5

NBFC: Non Banking Financial Corporations [phone]

A Non–Banking Financial Corporation is a company incorporated under the Companies Act 2013 or 1956. According to section 45-I (c) of the RBI Act, a Non–Banking Company carrying on the business of a financial institution will be an NBFC. It further states that the NBFC must be engaged in the business of Loans and Advances, Acquisition of stocks, equities, debt etc issued by the government or any local authority or other marketable securities.

A Non-Banking Financial Corporation (NBFC) A non-banking institution that is a company and has principal business of receiving deposits under any scheme or arrangement by any mode is also a non-banking financial company (Residuary non-banking company).

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Exclusions from the definition: The NBFC business does not include business whose principal business is the following:

Agricultural Activity Industrial Activity Purchase or sale of any goods excluding securities Sale/purchase/construction of any immovable property – Providing of any services Meaning of Principal Business: The Reserve Bank of India has defined financial activity as principal business to bring clarity to the entities that will be monitored and regulated as NBFC under the RBI Act. The criteria s is called the 50-50 test and its as follows:

The company’s financial assets must constitute 50% of the total assets. The income from financial assets must constitute 50% of the total income. It is governed by the Ministry of Corporate Affairs as well as the Reserve Bank of India. The License for operation is obtained from the RBI and it is incorporated as a company under applicable laws of the land. Different types of NBFCs The NBFCs are categorised on the basis of liabilities and activity. Following are the types of NBFCs:

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NBFCs Which Need Not be Registered With RBI The following NBFCs are not required to obtain any registration with the Reserve Bank of India under the idea that they are regulated by other regulators:

Core Investment Companies – (assets are less than 100 crore or public funds not taken) Merchant Banking Companies Companies that are engaged in the business of stock-broking Housing Finance Companies Companies engaged in the business of Venture Capital. Insurance companies holding a certificate of registration issued by IRDA. Chit Fund Companies as defined in the Sec 2 clause (b) of the Chit Fund Act, 1982 Nidhi Companies as notified under Section 620(A) of the Companies Act 1956 Procedure to Incorporate an NBFC A company should first be registered under the Companies Act 2013 or should already be registered under the Companies Act 1956 as either a Private Limited or a Public Limited Company. The minimum net owned funds of the Company should be Rs. 2 Crore. 1/3rd of the Directors must possess finance experience. The CIBIL records of the Company should be clean. The company must have a detailed business plan for five years. The company must comply with the requirements for capital compliances and FEMA. After all of the above conditions have been satisfied the online application on the website of RBI should be filled and submitted along with the requisite documents.

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A CARN Number will be generated. A hard copy of the application also has to be sent to the regional branch of the Reserve Bank of India. After the application is properly scrutinized, the License will be given to the Company. Guidelines an NBFC Needs to Follow Once the Company gets a valid license it has to adhere to the following guidelines: Start Your NBFC Registration with Corpzo Today. Apply for NBFC Registration Online with Expert Guidance. Talk to Our NBFC Registration Experts Now. Get Professional Assistance for RBI NBFC Registration. Register Your NBFC Hassle-Free with Corpzo. Need an NBFC Licence? Contact Corpzo Today. Book a Free Consultation for NBFC Registration. Launch Your Financial Business with RBI-Compliant NBFC Registration. Get End-to-End NBFC Registration Support from Corpzo. Ready to Register Your NBFC? Connect with Corpzo Today.

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They cannot receive deposits that are payable on demand. The public Deposits which the company can take should be for a minimum time period of 12 months and a maximum time period of 60 months. The interest charged by the Company cannot be more than the ceiling prescribed by the Reserve Bank of India from time to time. The repayment of any amount so taken by the Company will not be guaranteed by the Reserve Bank of India. All the information about the company as well as any change in the composition of the Company has to be furnished to the Reserve Bank of India. The deposits taken by the Public will be unsecured.

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The Company has to submit its audited balance sheet every year. A statutory return on the deposits taken by the company has to be furnished in the form NBS – 1 every year. A Quarterly Return on the liquid assets of the company has to be furnished. A certificate from the auditors had to be taken stating that the company is in a position to pay back all the deposits or money taken from the Public. A half-yearly Asset Liability Management (ALM) return has to be given by the company which has a Public Deposit of Rs. 20 Crore and above or has assets worth Rs. 100 Crore and above.

The credit rating has to be taken every 6 months and submitted to the RBI. A minimum level of 15% of the Public Deposits has to be maintained by the Company in Liquid Assets. If the NBFC defaults in the payment of any amount taken, the consumer can go to the National Company Law Tribunal or the Consumer Forum to file a suit against the Company.

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