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RBI Conditions for Granting NBFC License:
After filing application for NBFC registration, RBI will scrutinize the file and grant license only after satisfying the below mentioned conditions:

Ability of NBFC to repay its dues to investors and Business Plan of the company must fulfill the larger interest of the society

Capability to Infuse Sufficient capital

Earning capability of the Proposed Business

Activities shall be carried out in such a manner that it shall be in the public interest

Board shall act in the interest of public or depositors

Granting license will contribute to the economic growth of the country

Proposed NBFC shall comply with the RBI regulations
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NBFC registration is for those banking services obtained by complying with the Companies Act, 2013 provisions and RBI Act, 1934. However, a company, after acquiring an NBFC registration, will be assured a license for NBFC banking services, unlike traditional banking services. Moreover, after obtaining an NBFC registration, an NBFC company must follow the RBI or Reserve Bank of India updated circulars, guidelines, and notifications to align with the mandatory standards and compliance in the field of NBFC Financial Banking services.

Proposed NBFC shall comply with the RBI regulations
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NBFC acronym stands for Non-Banking Financial Corporation, registered under the Companies Act 2013 and regulated under the provisions of the Reserve Bank of India (RBI). NBFC banks are engaged in the banking business operations of loans, advances, equities, debts issued by the government or local authorities, and various other stock acquisitions, etc. However, NBFC banks are different and distinct from traditional banking or cooperative banks. A company holding an NBFC registration is not eligible to carry a principal business of agriculture activity, industrial activity, or purchase of sales and goods except for securities or business engaged in providing services or purchase, construction, and sale of various other immovable properties.

In India, NBFC registration is boosted extensively due to its flexible eligibility criteria. Its demand has been increasing rapidly, meeting the needs and requirements of the customers as compared to the traditional banks. The government of India, through its concerned authority RBI, has circulated various regulations and guidelines to promote easy access of finance services to the public. Thus, the Reserve Bank of India has framed specific rules and regulations for smoothly functioning the NBFC registrations and its business operations, protecting the interests and credibility of the banks and depositors.

Proposed NBFC shall comply with the RBI regulations
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What do you mean by NBFC Registration in India?
Any company that is seeking to form or obtain an NBFC company or non-banking financial company has to apply for an NBFC registration before the concerned authority, RBI, or Reserve Bank of India after fulfilling all the requirements according to the guidelines or regulations put up by the RBI. The Reserve Bank of India is the concerned authority responsible for monitoring the activities and business operations of NBFC Bank in India. This NBFC financial service is engaged in offering loans and advances and acquiring stocks, equities, and debts issued by the government or any local authorities. Before obtaining an NBFC registration, a company registration under the Companies Act 2013 is mandatory to carry out the NBFC financial business. Moreover, the primary business of NBFC activity is to receive deposits under a prescribed scheme and arrangements. Such deposits can be made either in a lump sum amount or in instalments using contributions from the customers. Further, according to 45 IA of the RBI Act 1934, no NBFC bank can operate its banking operations without obtaining an NBFC registration from the concerned authority.

NBFC registration certificate can only issued by the concerned authority i.e. Apex Bank and no other authority is authorized for the same. Therefore, the Apex Bank regulated various compliance and regulations concerning NBFC registration ensuring easy access to obtaining an NBFC licence.

Eligibility Criteria for NBFC Registration
According to section 45-ia of the RBI Act, 1934 given below are the prerequisites before obtaining an NBFC registration, a company must:

1. A company get NBFC registration by registering as a company according to section 3 of the Companies Act,2013.

2. The company must ensure that at least 1/3rd of the total directors hold a finance or banking experience of 10 years. Moreover, such a director shall be employed as a full-time director of a company.

3. A company must have a detailed-oriented business plan capable of operating business for at least five years or more.

4. The company must have a minimum net-owned fund of Rs.2 core. However, such NOF must only consist of equity paid-up share capital and not preference share capital.

5. A company must also ensure that both the company and directors have a good CIBIL score or Credit Information Bureau of India Limited. The concerned company shall also ensure that the company does not have any kinds of wilful defaults or write-offs on loan repayments to banks and NBFC.

6. If in case a company is engaged in a foreign investment service then the company must comply with the FEMA (Foreign Exchange and Management Act) regulations or provisions.

Proposed NBFC shall comply with the RBI regulations
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Documents Required for NBFC Registrations
Some of the major document requirements for NBFC registration are as follows:

1. A company’s incorporation certificate.

2. detailed information about the company’s management system along with the company’s brochure.

3. A copy of the company’s PAN card or the CIN (Corporate Identity Number) of the company.

4. Documents showing the address and location of the registered company.

5. A certified copy of both MOA (Memorandum of Association) and AOA (Article of Association).

6. List of directors duly signed by every director of the company.

7. CIBIL scores or credit reports of the company’s directors are to be submitted before the concerned authority for NBFC registration.

8. A copy of the company’s board resolution declaring that a company has not carried out an NBFC financial business operation and will not carry the same until an NBFC registration is granted by the RBI to the respective company.

9. A company must submit a certificate issued by a statutory auditor declaring that the concerned company is not holding any public deposit and also does not accept the same.

READ Valuation Requirements for NBFCs: A Compliance Guide
10. A certified copy of the company’s board resolution has to be submitted by the concerned company declaring that a Fair Practices Code is to be followed by the company in operating their specific business.

11. A company must also submit a document certificate stating net-owned funds of the company issued through a statutory authority as of the date of application for NBFC registration.

12. Various other information about the company has to be submitted, such as bank account information, loans, credits, and balances.

13. Unless it is applicable, a company seeking an NBFC registration must submit the following listed statements of the previous three years, such as an audited balance sheet, bank statement of profit and loss, and reports of both directors and auditors of a concerned company.

14. A copy of a self-certified income tax return and bank statement has to be submitted by the concerned company before the concerned authority for NBFC registration.

15. A document stating information about a company’s plans and projects normally for the coming next three years including the balance sheets, income statements and cash flow statements has to be submitted before the concerned authority for NBFC registrations.

How To Register as NBFC and its Legal Procedures
Here are the given below on how NBFC registration with RBI or Reserve Bank of India Act and legal procedures are conducted:

Company Registration

The first step to obtaining NBFC registration in India is to register a company under the Companies Act reflecting the NBFC banking services by adding characters to the company’s name such as finance, investment, invest, fin stock, etc. Further, RBI generally does not allow companies to operate NBFC finance businesses that do not reflect the NBFC characteristics.

Minimum net-owned fund

The minimum net owned fund for a company eligible for NBFC registration was 2 crores, but now it has been changed to 10 crores circulated through an RBI or Reserve Bank of India.

Bank Account Opening

The minimum net owned fund of a company must be kept as a deposit account in the concerned bank ensuring that such funds are free from liens. Commonly such funds are kept in a fixed deposit by a company. Thus, RBI at the time of considering the company for NBFC registration verifies such deposits or amounts held by the company kept in the banks.

Proposed NBFC shall comply with the RBI regulations
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