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Company RegistrationNon-Banking
Financial Company
Nonbank financial companies (NBFCs), also known as nonbank financial institutions (NBFIs), are financial institutions that offer various banking services but do not have a banking license.
Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 involved in the principal business of lending, investments in shares/stocks/bonds/debentures, leasing, hire-purchase, insurance business, chit business or involved in the receiving of deposits under any scheme or arrangement.
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Requirement for Obtaining
Non-Banking
Financial Company
To apply and obtain NBFC License, the following are the basic requirements:
- A Company Registered in India (Private Limited Company or Limited Company).
- The company must have minimum Net Owned Fund of Rs.200 lakhs.
Applying for
Non-Banking
Financial Company
The application for NBFC License must be submitted online and offline with the necessary documents to the Regional Office of the Reserve Bank of India. The following are the documents that needs to be submitted for NBFC License.
- Information about the management.
- Certified copies of Certificate of Incorporation and Certificate of Commencement of Business in case of public limited companies.
- Certified copies of up-to-date Memorandum and Articles of Association of the company. Details of clauses in the memorandum relating to financial business.
- Copy of PAN/CIN allotted to the company.
- Directors’ profile, separately filled up and signed by each director.
- Certificate from the respective NBFC/s where the Directors have gained NBFC experience.
- CIBIL Data pertaining to Directors of the company.
- Financial Statements of the last 2 years of Unincorporated Bodies, if any, in the group where the directors may be holding directorship with/without substantial interest.
- Board Resolution specifically approving the submission of the application and its contents and authorizing signatory.
- Board Resolution to the effect that the company has not accepted any public deposit, in the past (specify period)/does not hold any public deposit as on the date and will not accept the same in future without the prior approval of Reserve Bank of India in writing.
- Board resolution stating that the company is not carrying on any NBFC activity/stopped NBFC activity and will not carry on/commence the same before getting registration from RBI.
- Certified copy of Board resolution for formulation of “Fair Practices Code”.
- Statutory ors Certificate certifying that the company is/does not accept/is not holding Public Deposit.
- Statutory ors Certificate certifying that the company is not carrying on any NBFC activity.
- Statutory ors Certificate certifying net owned fund as on date of the application.
- Details of Authorized Share Capital and latest shareholding pattern of the company including the percentages.
- Copy of Fixed Deposit receipt & bankers certificate of no lien indicating balances in support of Net Owned Funds.
- Details of the bank balances/bank accounts/complete postal address of the branch/bank, loan/credit facilities etc. availed.
- Last three years ed balance sheet and Profit & Loss account along with directors & ors report or for such shorter period as are available (for companies already in existence).
- Business plan of the company for the next three years giving details of its (a) thrust of business, (b) market segment and (c) projected balance sheets, cash flow statement, asset/income pattern statement without any element of public deposits.
- Source of the startup capital of the company substantiated with documentary evidence.
- Self attested Bank Statement/IT returns etc.
Procedure For
Non-Banking
Financial Company Registration
Online Application
An online application is made in the prescribed format, with the information regarding the demanded documents and enclosures which in return will generate a company application reference number.
Documents submission
A hard copy of the above-mentioned application along with the demanded documents and enclosures is submitted, to the concerned regional office of RBI.
Documents to the central office of RBI
After the verification and the approval of the submitted application and the documents, the regional office sends the application to the central office of RBI, which performs a crucial examination of the said application, to grant the certificate.
Certificate Granted
If the terms and conditions under section 45-1 A of the RBI act, 1937 are fully satisfied, then the Certificate will be granted.