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NBFC Document Checklist

NBFC registrations are often a cumbersome process when there is no guidance. Educate yourself, understand the nbfc registration process, and get necessary nbfc compliances done. For more information visit - https://www.muds.co.in/nbfc-registration/

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NBFC Document Checklist

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  1. What Are NBFC Registration Checklist?

  2. Understanding NBFCs! Non-Banking Financial Companies (NBFC) do not fall in the legal definition of Banks but they proffer banking facilities and financial services. It is a well-known fact that Banks are not able to cater to the financial needs of all Indians, however hard they try; therefore, more and more companies are applying for NBFC Registration.  The functioning of NBFCs is regulated and monitored by the RBI in compliance with the provisions mentioned in Chapter III B of the RBI Act of 1934. The segments which are largely served by the NBFCs are instruments of the capital and money markets such as stocks, bonds, along with hire-purchasing, deposits, leasing, insurance business, investment funds, and chit business and many more similar activities.

  3. The ever-growing popularity of NBFCs lies in these characteristic features: • RBI has eased the norms a great deal thus making NBFC incorporation simpler. • The biggest advantage awarded to NBFCs is the flexibility to structure products as per the needs of the customer. • NBFCs enjoy complete liberty to operate from anywhere and everywhere; in remotest of places to the most developed metros, thus attracting and capturing new customers. • Low operative costs make sure that high profits come their way since inception. • Taking full advantage of modern technological progress helps them not only target new customers but also help them ascertain their creditworthiness SoaringPopularity of NBFCs!

  4. Different Categories of NBFCs! Type-I NBFC (NBFC-ND) are those which are not accepting public funds/ not intending to accept public funds in the future and not having customer interface/not intending to have customer interface in the future. Type-II NBFC (NBFC-ND) are those which are accepting public funds/ intending to accept public funds in the future and/or having customer interface/intending to have customer interface in the future. The RBI endorses that Type-I NBFCs shall be subjected to less intensive scrutiny or due diligence and the processing of such applications shall be put on the fast track for processing. However, they shall be barred from accessing the public funds or having customer interface.

  5. Documents Checklist for NBFC Registration • The following documents will have to be submitted along with the prescribed application form: • Copies of Certificate of Incorporation (COI) and Certificate of Commencement of Business. • Copies of extracts of the main object clause in the MOA relating to the financial business. • Board resolution declarations. • Copy of Fixed Deposit receipt & bankers’ certificate of no lien indicating balances in support of Net Owned Fund. • The Audited balance sheet and Profit & Loss account along with directors & auditors report or for the entire period the company is in existence. • Banker’s report in respect of applicant company, its group/subsidiary/associate/holding company/related parties, directors of the applicant company having a substantial interest in other companies. The Banker’s report should be about the dealings of these entities with these bankers as a depositing entity or a borrowing entity.

  6. “With the RBI easing the norms for registration of NBFCs, this is the most opportune time to go for it!”-Shweta Gupta, Founder and CEO, MUDS For more information visit: https://www.muds.co.in/nbfc-registration/

  7. Thank You!

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