If you are planning to start a Non-Banking Financial Company (NBFC) in India, there are requirements during the registration process. These
documents play a crucial role in determining the eligibility and credibility of your NBFC. It is as followsAn NBFC shouldHow NBFCs are Different from Banks?
When we talk about financial institutions, it consists of NBFCs and banks, where the terms can be used interchangeably. However, it carries
significant differences as well. Let us have a look at itHow are NBFCs Different from Banks?
When we talk about financial institutions, it consists of NBFCs and banks, where the terms can be used interchangeably. However, it carries
significant differences as well. Let us have a look at itOne of the main differences between Non-banking financial institutions and banks is the regulatory framework. Here, Banks are regulated by the
Reserve Bank of India (RBI), Whereas NBFCs fall under the Companies Act of 2013. Compared to banks, the latter carries flexibility in guiding
the operations along with the stated regulations.

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Banks are designed to accept deposits from the public, which is a part of their business structure. On the flip side, NBFCs do not accept these
deposits, unlike Banks do. They are accustomed to accepting specific types of deposits, like recurring, fixed, or non-convertible debentures. For
instance, the distinction makes banks viable for individuals who want to keep their savings safe.
There exist differences in the way Banks and NBFCs approach lending activities. The Former lends money to businesses & individuals, whereas
the NBFCs shift their gaze to niche markets. As a result, they cater to the disadvantaged segments of the population by providing loans to small
businesses, self-employed individuals, and people with limited credit histories. Such a specialization guides NBFCs to encourage lending
solutions or facilities not provided by traditional banks.

In conclusion, while banks and NBFCs play crucial roles in the financial sector, they have distinct differences. NBFCs offer flexibility in their
operations, cater to underserved segments, and leverage technology for innovation. Understanding these differences can help individuals and
businesses make informed decisions when choosing between them for their financial needs.
What are the Documents Required for NBFC Registration?


If you are planning to establish a Non-Banking Financial Company (NBFC) in India, there are certain documents that you need to submit during
the registration process. These documents play a crucial role in determining the eligibility and credibility of your NBFC.
Board resolution(s) stating the following:

1. That deploys 90% of its total assets in the form of investment in shares, stocks, and debt or loan group companies.
2. Out of 90%, 60% should be invested in equity shares or those which compulsorily converted later in equity shares.
Be a Company registered under the Companies Act.

Should have a minimum net owned fund of INR 2 Crores.
Regulatory Framewor

The company undertakes that it is not carrying on any NBFC activity or has not carried on and stopped any NBFC activities in the past activity
and will not carry on or commence the same before getting registration from RBI
The company has not accepted any public deposit, in the past/does not hold any public deposit as of this date and will not accept the same in
future without prior approval of the Reserve Bank of India


The unincorporated bodies in the group where the director holds a substantial interest or otherwise have not accepted any public deposits in
the past; and does not hold any public deposit as of the date and will not accept any public deposits in the future
The “Fair Practices Code” as per RBI Guidelines has been formulated by the Company
1. Copy of Fixed Deposit receipt & bankers certificate indicating Net Owned Fund.
2. Experience Certificate, if any, in the financial services sector (including Banking Sector) in respect of all Directors
3. Banker Report on Fixed Deposit and Current Account of Company
4. CIBIL Report of Director and Shareholder
5. Profile of Board of Directors
6. Business plan of the company
7. Audited balance sheet along with annexures or provisional/unaudited, as the case may be.



What is the Procedure for Applying for NBFC Registration in India?
Are you planning to apply for a Non-Banking Financial Company (NBFC) Registration in India?
Congratulations! This can be an exciting venture, but before you can begin operations, you need to go through the process of NBFC registration.
In this section, we will guide you through the step-by-step procedure for applying for NBFC registration in India.
Step 1:- Every company registered under the Companies Act, 1956/2013 with the object clause of financial activity needs to obtain a certificate of
Registration (CoR) from the Reserve Bank of India (RBI) to commence business as NBFC.
Step 2:- For registration of an NBFC, an application is to be submitted in the prescribed form along with the necessary attachments with the RBI
for its scrutiny.
Step 3:- On being satisfied that the provisions of the RBI Act have been complied with then a CERTIFICATE OF REGISTRATION is issued to the
entity. It is imperative to fulfil the following prerequisites for obtaining a certificate of registration of NBFC from RBI:-

The applicant must be a Company registered under the Companies Act for the time being in force
The Company shall have a minimum NOF (Net Owned Funds) of INR 2 Crores who wish to set up an NBFC in India.
At least one of the directors shall have experience in a similar field of business or should be an experienced banker.
The CIBIL records of the Director and Shareholder should be free from any irregularities.
The Board of Directors should foster the intention of serving the public at large with the financial inclusion policy adopted by the entity.
Every director of the company should pass the “fit and proper” criteria set by RBI.

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Step 4:- On satisfaction of the aforementioned essentials, the Company should go for its registration as an NBFC in the form prescribed by the
RBI along with all the mandatory documents and attachments. This application (COSMOS) can be filled out on the website of RBI.
Step 5:- On Successful submission of the application, an application reference number (ARN) is issued by the RBI to the applicant for the
tracking status of the application. Once, the ARN has obtained a physical copy of the application along with all the attachments should also be
submitted with RBI.
Step 6:- Once the application is received by the RBI, on scrutiny of the Company Profile, Promoter/Director and Shareholder Profile then upon
satisfaction the license of registration of NBFC is granted by the RBI.


How will CorpZo Help You with the Process?
At CorpZo, we understand the importance of acquiring NBFC Compliance. It is a crucial step towards expanding your business and reaching
new heights of success. Our team of experts has years of experience and Extensive knowledge of the procedures involved in obtaining NBFC.
We are well-versed in the legalities and regulations of the process, ensuring that your registration is completed seamlessly and efficiently. With
our expertise, you can rest assured that your registration process will be handled with the utmost care and professionalism. So, if you are looking
for a reliable and experienced team to handle your NBFC Compliance, look only as far as CorpZo.