Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
In this article we shall discuss the documents required for NBFC registration, but before that let’s understand the significance of NBFCs.
Table of Contents
Non-Banking Financial Companies (NBFCs) are emerging as a promising sector engaged in providing loans and advances to primarily retail customers and remote areas which are outside the purview of other banks. The growing needs of finance are further enlarging the scope of NBFC license in India.
Customers qualified to obtain finance, but are unable to do so because of the lack of good credit score, specifically benefit from the NBFC’s mechanism.
This introduces healthy competition between the two major finance players, ultimately supporting the government’s agenda of full financial inclusion.
The Reserve Bank of India (RBI) consistently stresses the importance of micro, small, and medium enterprises (MSMEs) in fueling economic growth. Despite contributing significantly to India’s growth, a large majority of MSMEs are excluded from the formal financial sector. In such a scenario, NBFCs are focusing their efforts on targeting this lucrative yet underserved segment.
There are few major requisites for an NBFC to be registered with RBI:
When the above conditions are satisfied, an online application shall be filed with RBI by getting access to RBI’s secured website. After filing the application online, a hard copy of the form along with necessary documents shall be submitted to the regional RBI. Then, the status of the application from the above mentioned secure address can be checked by filling in the acknowledgement number.
Before you get ready to file your application online or offline, be prepared with the following list of required documents necessary to be filed along with the application for registration:
After the submission of an application for NBFC registration India, RBI will scrutinize the documents on all grounds and on being satisfied with the proper compliance with the rules and regulations, it shall issue a certificate of commencement of business.
Do you wish to apply to register NBFC in India? Or are you looking for an NBFC takeover advisory? Would you wish to know about the NBFC / Fintech Consulting or know more about peer to peer lending? Please feel free to contact Enterslice, India’s leading online legal and tax advisory firm.
Read our article:Applicability and Effects of GST on NBFCs in India
Gujarat (GIFT City) is a central business district that is under construction and located in th...
The Reserve Bank of India defines a bank as a legal entity that acts as a financial institution...
NBFC has been imposed by RBI with the mandatory filing of returns in XBRL mode from financial 2...
Accounts payable management is a difficult and time-consuming activity that necessitates consid...
What is a Stock Audit? The inventory is being physically checked. But occasionally, depending o...
Are you human?: 2 + 5 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
A Non-Banking Financial Company(NBFC) is a company registered under the Companies Act of 1956 that engages in the b...
13 Jun, 2023
In a recent development, the RBI issued new guidelines for External Commercial Borrowings (ECB) in NBFC funding. Th...
06 Jan, 2021
Chat on Whatsapp
Hey I'm Suman. Let's Talk!