Any entity desirous of commencing the business of and being registered as NBFC shall apply to RBI for the license (CoR) and must also fulfill the following norms:
- It should be a company incorporated under Companies Act, 2013.
- It should be a company having minimum net owned funds of INR 2 crores.
Where to Make Application?
- The online application is available on RBI’s website (COSMOS).
- Hard copy of the application along with attached documents shall be submitted to regional RBI Office.
- The license will be granted only after vigilant inspection of the application and documents attached with it.
Checklist for NBFC Registration:
- Certified copy of Certificate of Incorporation issued by the registrar of companies.
- Extract of the main object clause in the MOA clearly depicting the financial business.
- The Audited balance sheet and Profit & Loss account along with directors & auditors report for the entire period of company’s existence, or for last three years, whichever is less.
- Copy of the certificate of Director’s highest educational and professional qualification.
- Copy of Director’s experience certificate in the Financial Services Sector (including Banking Sector).
- Bankers report depicting details of deposits and loans balances as on the date of application and the conduct of the account.
RBI Compliance Group
Ozg Compliance & Regulatory Practice Center