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RBI Norms for NBFC Registration in India
Posted by enterslice on June 25th Cheap Nike Air Max 97 Clearance , 2018
Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013 or under any other Previous Act. Main Principal business of the NBFC is to do the finance business as of the Banking business, such as to provide loans and advances Cheap Nike Air Max 97 Wholesale , acquisition of Shares or any other market securities and it also includes leasing business, hire-purchase business, insurance business Cheap Nike Air Max 97 China , chit business but does not include any institution whose principal business is that of agriculture, industrial, purchase and sale of any goods (other than securities).
What is the Difference Between Banking And Non-Banking Financial Company?Unlike the Bank accept demand deposit but NBFC cannot.As the Bank form the part of the payment and settlement system and can issue cheques drawn on itself; but NBFC cannot.Unlike the bank deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is available to depositors but not for NBFCs
What are the Criteria for Determining the Principal Business Activity?
It becomes the principal business of the company when a company’s financial assets are more than 50 percent of its total assets and income from financial assets constitute more than 50 percent of the gross income.
What are the Categories of NBFC?
NBFCs are classified on the basis of:
Type of LiabilityDeposit accepting NBFCNon-Deposit accepting NBFCsB.1 Systematically importantB.2. Non-Systematically importantOn the basis of the Kind of Activity Cheap Nike Air Max 97 Youth , they are engaged in.
There is ten type of activity, they are indulging in:
Asset Finance Company (AFC)Investment Company (IC)Loan Company (LC):Infrastructure Finance Company (IFC)Systemically Important Core Investment CompanyInfrastructure Debt FundNon-Banking Financial Company-Micro Finance Institution (NBFC-MFI)Non-Banking Financial Company – Factors (NBFC-Factors)Mortgage Guarantee Companies (MGC)NBFC-Non-operative Financial Holding Company (NOFHC)Is NBFC Need to Registered with RBI?
As Per the Provisions of Section 45-IA of the RBI Act, 1934 Cheap Nike Air Max 97 Womens , NBFC cannot commence its business without obtaining a certificate of registration from the Bank and without having a Net Owned Funds of ₹ 200 lakhs.
What is the Procedure for Obtaining the COR?
Now, NBFC Registration has been simplified an NBFC company can be incorporated under MCA without taking the Prior Approval of Reserve Bank of India. After being incorporated, the company has taken to the Certificate of Registration (COR) from the Reserve Bank of India within 6 months.
The application must be filed online and a Physical copy shall be submitted to the RBI Office.
Online Registration Procedure:
Applicant Company must submit an online application on the RBI website Cheap Nike Air Max 97 Mens , Link for the same is
while uploading the documents on RBI, there is no need to create the log in the Cosmo, so no login id is required for the applicant company.
The applicant can click on company registration on the login page of the COSMO application and from the download section can download the Excel utility which needs to be submitting on the website.
Physical Submission of Document:
Physical copy along with all the necessary documents pertaining to directors Cheap Nike Air Max 97 Online , shareholders and Proposed company to the Reserve Bank of India in its regional office:
When the physical application is filed with the RBI, COR Division of Department of Non-Banking Finance company scrutinize the application submitted by the applicant company, In this regard Cheap Nike Air Max 97 Sale , RBI has the authority to demand further document or information as required for being satisfied.
RBI communicates the justification through E-Mail which is provided to the RBI at the time of filing the application for the correspondence.
RBI also has the authority to summon the person in the RBI office for any clarification or justification in the matter.
And after scrutinizing the documents RBI may issue COR or may reject the application if not satisfied.
Note: There is no Application fee from the RBI to apply for the COR.
What are the Necessary Documents Pertaining to Application?Net worth CertificateIncome Proof (ITR for the last 3 years)CIBIL ReportsBusiness ProfilesBankers Report as per the format prescribed by RBIProvisional Balance Sheet of the CompanyFixed Deposit of Rs. 2 CroreCompany Identification InformationStatutory Auditor CertificateStatement of Funds as per the format prescribed by RBIInformation on the Management (IOM) as per the format prescribed by RBIBusiness ProfilesPAN, Passport, Aadhar Card Cheap Nike Air Max 97 Shoes , Highest qualification, Experience certificate.
While filing the application that all documents pertaining to individuals shall be self- attested, while all the documents pertaining to the applicant company or other interested entity shall be attested Cheap Nike Air Max 97 , stamped by at least two directors of the concerned companies.
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