NBFCs must file periodic returns with RBI, obtain an annual statutory auditor certificate on continuing eligibility, follow KYC and anti-money laundering norms, fair practices code and grievance redressal, report to credit bureaus, maintain prudential norms applicable to their layer under scale-based regulation, and complete Companies Act and tax compliance.
RBI reporting
- Periodic returns on the RBI portal
- Statutory auditor certificate
- Changes in directors and control
Conduct and customer rules
- KYC and AML
- Fair practices code
- Grievance redressal and ombudsman
- Digital lending rules where applicable
Prudential norms
Asset classification, provisioning and capital adequacy per layer.
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Board meetings, audits, ROC filings and tax.
Frequently asked questions
What happens if returns are missed?
RBI can impose penalties and, in serious cases, cancel registration.
Do small NBFCs have lighter compliance?
Base layer NBFCs have lighter norms than middle or upper layers.
Are digital lending rules applicable?
Yes, where NBFCs lend digitally or through LSPs.
Is an internal audit required?
Risk-based internal audit applies to NBFCs above specified thresholds.
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