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Filing of an additional Documents.

RBI has the authority to issue a bank licence to a company seeking an NBFC registration. Such finance companies seeking NBFC license from RBI needs to enclose the following other documents with the application such as a copy of E-Form Spice 32 an experience certificate of a director if any in an NBFC banking business etc.

Certificate Of Registration

After submitting the applications by a company for NBFC registration before the concerned authority RBI, the same shall be evaluated by the Reserve Bank of India, and various documents and further clarifications may be requested from such applicants from time to time. Finally, once the RBI approves the applications to align with all the formalities and compliance requirements, the RBI shall issue a certificate of NBFC registration to a concerned applicant company.

NBFC In India Registration Fees
Depending on the type of NBFC bank and the company’s NOF or net-owned fund, the cost of NBFC registration will differ. Moreover, along with the NBFC registration fees, NBFC bank also needs to pay a specific deposit amount with RBI; such a deposit with RBI also depends on the NOF of the company. Further, the NBFC registration processing fee is approximately Rs.3,50,000 with a net owned fund of Rs 2 crore plus an additional charge of around 10-12 lakhs if a consultancy professional company is engaged. Therefore, the total expenditure for NBFC registration will cost around 20 lakhs or more, depending on the scenario.

Proposed NBFC shall comply with the RBI regulations
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Procedure For NBFC Registration
The applicant company seeking NBFC registration may follow the following steps in the process of NBFC registration:

1. An applicant must register a Private Limited or Public company according to the Companies Act,2013 before filling out an application for NBFC registration. Moreover companies registered under the companies act can only file an application for NBFC licence.

2. The applicant company has to apply for NBFC registration online before the concerned authority, along with a physical copy of an application attached with the required documents, before the concerned regional office of the Reserve Bank of India.

3. The proposed name of an NBFC company must ensure that the name contains Finance, FinServ, Fin, Investment, capital, Fintech, etc.

4. The applicant company must deposit a minimum net-owned fund of Rs.2 Cr.

5. This application can be submitted online by accessing RBI’s guidelines through the online official website of RBI. Such application from the website shall be downloaded, and the data will be entered to fill out the important details and thus uploaded.

6. The applicant bank, after the online submission of the application, will receive a CoR or a Company Application Reference Number to initiate a further procedure. After the online application, an applicant needs to submit an online application before the concerned authority along with CoR and various other supporting documents before the concerned authority.

READ NBFC compliance under FEMA
7. Documents to be submitted along with the application form are certificate copy of COI, latest audited annual accounts, statutory auditor certificate, education qualifications of directors, shareholders, and company, net worth certificate of directors, shareholders, and company, etc. before the concerned regional office of RBI.

8. Such application shall be verified and rectified by the concerned officer before giving the final approval.

9. The applicant company, after completing the process of registration and submitting the said application, can regularly check and follow the status of their application on the official website through an acknowledgement receipt.

10. The concerned authority i.e. RBI grants an NBFC registration after final approval of the applications and documents under section 45 ia of the RBI Act, 1934. Thus NBFC bank must ensure that provisions of the RBI act are complied with.

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Compliances For An NBFC
NBFC plays an important role in uplifting the financial ecosystem by providing various financial services similar to =banks. However, to operate a financial service, NBFC has to meet strict compliance requirements to stay relevant to the NBFC regulatory framework. Given below are the important NBFC compliance checklist:

1. To obtain an NBFC registration and license from the concerned authority to run the NBFC business operations. Thus, NBFC is regulated by the RBI.

2. NBFC Bank has to maintain a robust corporate governance framework. This includes being equipped with a competent board of directors, resolution, meetings, effective risk management, and various other internal control management. Moreover, NBFC has to be incorporated under the companies act.

3. NBFC banks have to maintain minimum capital adequacy requirements to meet unexpected losses and to safeguard the depositors’ and investors’ interests.

4. NBFC banks must comply with the required prudential norms and asset classification.

5. It is indeed important for NBFC banks to comply with KYC and anti-money laundering measures to mitigate activities connected to money laundering and terrorist financing.

6. To ensure a customer’s interest protection, NBFC must have a fair practices code and consumer protection.

7. With the advancement in technology, NBFC also has to be equipped with data security and information technology systems by complying with various data protection laws to protect customers and prevent data breaches.

8. NBFC banks must maintain regulatory reporting and compliance with the concerned authority within the stipulated time to avoid any legal liabilities and penalties.

Powers of RBI on NBFCs
Reserve Bank of India is the concerned authority that regulates and governs NBFC banking business operations. Given below are some of the important powers of RBI on NBFC financial services:

1. RBI is responsible for the NBFC registration and license for operating its banking business.

2. Power of RBI to remove directors from the office and to appoint alternate directors while removing directors from the board.

3. RBI regulated NBFC by prohibiting NBFC from issuing prospectus and advertisements soliciting deposits of money.

4. RBI is the authority responsible for framing and issuing policies and directions on NBFC banking services.

5. RBI has also the power to collect information from NBFCs such as details of the bank statements, and information connected to deposits.

6. RBI has also the power to prohibit NBFC banks from accepting deposits and alienation of assets if found that NBFC bank is violating RBI regulation frameworks.

7. RBI has the power to file a winding-up petition under the Companies Act 2013 if NBFC is not able to pay the debt amount.

8. The Reserve Bank of India also has the power to inspect the NBFC business operations.

Advantages of NBFC Registration
Given below are the major benefits of NBFC registration

1. It provides easy eligibility criteria for meeting customers’ facilities for loans and credit.

2. NBFC registration allows a company to enter into the convenience of trading in market instruments.

3. NBFC registration also provides wealth management services such as managing stocks and shares portfolios.

4. Unlike a traditional bank, NBFC registration provides customers with easy access to apply for loans with not-so-complex rules and regulations.

5. NBFC banks are capable of underwriting shares, stocks, and other liabilities.

6. NBFC or non-banking financial companies registration also ensures 100% Foreign Direct Investment in the country.

7. With the advancement of technology, NBFC banks have also introduced various technologically advanced software and modules attracting a larger number of customers or audiences by providing an option to a customer for credit facilities or services.

8. NBFC banks like any other banks can now authorized to use the Securitization and Reconstruction of Financial Assets and Enforcement Security Interest Act to recover a debt amount from the borrowers.

Reasons Behind Cancellation of NBFC Registration
Here are the reasons behind the cancellation of an NBFC registration:

If an NBFC company is operating the business without a bank license or without registration from RBI, it is granted the right to run NBFC financial services.


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If NBFC bank is not able to maintain the required net owned fund.
If NBFC fails to operate or follow policies such as the fair practice code, recovery policy, and various grievance redressal policies,
If the NBFC bank fails to make a repayment of the deposits.
In case the NBFC bank is not carrying out NBFC financial business activities.
Failure of NBFC bank to submit a book of accounts to the concerned authority.
If the board of directions of an NBFC bank is not able to fulfil the requirements as per the RBI guidelines to run an NBFC business.


Conclusion

An NBFC registration has to be obtained by any company seeking for an NBFC banking license. NBFC banks, unlike traditional banks, don’t have stringent eligibility criteria, thus fulfilling the various sections of the economy that may not be eligible for a loan in a traditional bank. NBFC plays a crucial role in the financial market by meeting people’s financial needs and requirements. RBI is the concerned authority that is authorized to frame policies and regulations on NBFC and its functions. NBFC, to have a seamless performance, must follow the guidelines and master circulars issued by the RBI. NBFC registration is considered to be one of the toughest approvals to be obtained from the RBI. However, with a thorough understanding and knowledge, one can secure the NBFC registration very smoothly.



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