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NBFC DSA denotes Non-Banking Financial Companies Direct Selling Agent. NBFC DSA Registration refers to the registration of person working as a referral agent for NBFCs and banks. In rural areas, they are called Business Correspondents. The Direct Selling Agent helps in finding potential customers for banks or NBFCs that they represent. The leads generated is forwarded to the concerned bank or NBFCs. In this article, we shall have a complete understanding of NBFC DSA Registration.
Table of Contents
The following eligibility criteria should be followed to obtain NBFC DSA Registration in India:
The following are the benefits of becoming NBFC DSA:
It offers various benefits to customers. Some of them are discussed below:
DSAs are beneficial to financial institutions in the following ways:
Their duties are as follows:
The following documents are required for obtaining NBFC DSA Registration:
Usually, financial institutions such as Banks and Non-Banking Financial Companies uses its own method to register as Direct Selling Agents in India, but we have laid down the common procedure for such registration in India.
A direct selling agent plays a pivotal role of representing lending institutions for potential clients or credit seekers. Their fundamental objective is to promote and sell financial product of the lending institution. For every lead that they generate allows them to gain some income (some % of the actual loan amount). Additionally, it is worth mentioning that the services extended by the Direct Selling Agents are taxable under the Reverse Charge Mechanism.
Read our article:Significance of NBFC Registration in the Indian Financial Market
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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