Learn How To Apply For NBFC Registration In India

Any kind of an entity that desires commencement of a certain business and wishes to run it a non-banking financial company in India then it’d require an NBFC Registration that is applicable under the reserve bank of India for it licensing. The supposed applicant must fulfil the following two norms in order to start the NBFC Registration.

• It must comply with the companies act 2013,

• It must be a company that has a minimum of net owned funds of Rs 2 crores.

The application for NBFC registration in India can be done through the official website of RBI (COSMOS). You are supposed to submit the hard copy of your application for your NBFC Registration along with the important required documents listed by the reserve bank of India to the RBI office.

You will be granted the license you are applying for only after the reserve bank of India neatly and vigilantly inspect all of your documents that you provided by attaching them with the main application.

What are the documents required for NBFC Registration in India?

The documents you need to collect and submit for the NBFC Registration are as followed:-

• A copy of registration certificate that is certified and issued by the company’s registrar.

• Next is to extract the main objective clause from the memorandum of association that clearly depicts the financial business.

• The balance sheetof profit and loss that has been audited in accounts along with the directors and the auditors that report for that entire period of time since thecompany existed or at least for the last 3 years of the company whichever is less.

• You will need a copy ofthe director’s highest educational certificate degrees or professional qualifications.

• Also, an experience certificate of the director of his career in the financial service sector which should also include banking sector.

• The report from banker stating details of the loans or the deposits. Their balances as till the date of applying for the NBFC Registration online and then conduction of the account.

• Mention of the activities, if any from the reserve bank of India beforeNBFC accepting of any public deposit.

If you need any help in any of the mentioned documents that you are now aware of, then feel free to contact Swarit Advisors anytime. We are here to guide you ina perfect way so that you can easily apply for NBFC Registration.

Some insight on what deposits NBFC is taking?

Only the non-banking financial companies that have been issued their license for accepting any deposits in its Registration certificate from the reserve bank of India will be allowed to accept the public deposits.Now to ensure that the non-banking financial companies don’t necessarily misuse their licenses that have been issued by the government, there have been put some limitations.

The limitation for the deposits will vary based on the following factors –

• If whether it’s an asset finance company or a loan and investment company, it will be based on the company’s net owned funds.

• It had been on the basis of the prudential regulatory norms that are prescribed by the reserve bank of India.

• The NBFC Registration India can be done only if you have a net owned funds of Rs 2 crores. Even the net owned funds for a small bank must be Rs 100 crores.

If you have issues or queries running in your mind then contact the best specialists who can help and guide you all the way. Swarit Advisors are the best leading online legal services provider firm whose motive is to offer reliable help to its customers whenever they need to. We will feel glad to serve you in the best possible ways.

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