Business

How to do NBFC Registration

Banking is one of the most important factor in everybody’s life. People prefer to keep their money, jewelleries and important documents in their bank’s locker and this is one of the main reason for which people prefer a bank which gives assurance to their customers that they will keep their precious things safe.

Today we are going to talk about How to do NBFC Registration. But before looking at the procedure directly we will see What is NBFC?

About NBFC Registration?

NBFC stands for Non-Banking Financial Company which provides banking services to their customers. The customer who is registering at NBFC need not any legal definition of any bank. If you are registering at NBFC then it will take at least 90-120 days for the process to complete the process.

The main aim of NBFC is not only providing banking services but it also provides loans and advance amount to those who need it. Apart from this they also provide acquisition of shares, debentures, and various stocks. All these things are issued officially by the government and by local authorities etc.

There are various types of NBFC Registrations available. You can go through all the information provided in each type and by reading those guidelines you will get a clear idea about which type you should choose. Let us see some type of Types of NBFC Registration. 

Categories of NBFC Registration?

  • Asset Finance Company.
  • Investment Company.
  • Loan Company.
  • Core Investment Company.
  • Micro Finance Company.
  • Housing Finance Company.

How to do NBFC Registration?

The process for registering at NBFC is very easy. You just need to follow some basic steps and you are done with the process. Let us see which are the steps you need to follow for this process.

  1. You need to fill online application with all your correct details. You can fill up the application form by directly visiting the RBI’s website.
  2. After filling up the application form, you need to submit a hardcopy too. Make sure you have attached all the documents before submitting the hard copy of the application at the office of RBI.
  3. Once the application is submitted, it will be verified. After the verification process is done, you will get the license.

You must be thinking that which documents you require to fill the NBFC Registration form. Below is the list of documents which are required and mandatory.

Required Documents for NBFC Registration?

  1. A copy of certificate of incorporation which is certified by registrar of companies.
  2. Extract of the main object clause in the MOA. It should mention the information regarding financial business.
  3. Balance sheet and profit and loss account. The balance sheet should be audited. The reports of auditors which includes the entire period of the age of company should also be there.
  4. Copy of professional qualification and Director’s highest education certificate.
  5. Copy of director’s experience in the field of Financial Services Sector. Make sure it also includes Banking Sector.
  6. A report on the details of deposits and loans balances.

Read all the guidelines carefully.

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Kapil Khoval

Graphic Designer | Web Developer

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