Non-Banking Financial Company
NBFCs are companies registered under the Companies Act, 2013 (or the earlier Companies Act, 1956), which engage in financial activities such as lending, investing, and financial asset acquisition. However, NBFCs do not hold a banking license from the Reserve Bank of India.
Providing loans and advances
Acquiring shares, stocks, bonds, debentures, or other marketable securities
Engaging in lease and hire-purchase activities
Operating insurance or chit fund businesses
Agricultural activities
Industrial production
Purchase or sale of physical goods (excluding securities)
Sale, purchase, or construction of immovable property
Provision of general services
Form a private or public limited company with a minimum Net Owned Fund (NOF) of ₹2 crore, consisting solely of equity share capital (no preference shares allowed)
Open a bank account and deposit the full amount of ₹2 crore. This account must remain unencumbered and lien-free
Apply online for a Certificate of Registration (CoR) on the RBI COSMOS portal
Submit the physical documents and application printout to the RBI Regional Office
Once reviewed and verified, RBI grants the NBFC license
Note: RBI may request additional documents or clarifications during the evaluation process. Only upon complete satisfaction will it issue the Certificate of Registration to commence NBFC operations.
Certified copy of the Certificate of Incorporation (Issued by ROC)
Extract of the Main Object Clause in the MoA indicating financial business intent
Board Resolution stating:
– The company will follow RBI’s Fair Practices Code
– The company will not perform NBFC activities or accept public deposits before registration
Audited financials including:
– Balance Sheet and Profit & Loss Account
– Director’s Report and Auditor’s Report (for up to 3 years or since incorporation)
Educational and professional qualification certificates of all directors
Experience proof of directors in financial or banking services
Banker’s Report reflecting the company’s account conduct and status of deposit/loan balances as on the date of application
The company must be incorporated under the Companies Act, 2013 or Companies Act, 1956
The company must maintain a minimum Net Owned Fund (NOF) of ₹2 crore
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