To register an NBFC, incorporate a company with financial objects, infuse the required net owned fund and park it in a fixed deposit, prepare the business plan, credit policy and director profiles, apply online through RBI's portal, submit the hard copy with documents to the regional office, respond to RBI's queries, and receive the Certificate of Registration.
Step 1: Incorporate
Form a private or public company with lending or investment objects in its MoA.
Step 2: Capitalise
Bring in net owned fund and keep it in a fixed deposit until registration.
Step 3: Prepare documents
- Five-year business plan
- Credit, KYC and fair practices policies
- Director profiles and fit and proper declarations
- Audited financials and bank certificate
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- File online on RBI's portal.
- Submit physical documents to the regional office.
- Answer RBI queries.
Step 5: Registration
RBI issues the Certificate of Registration; begin operations with compliance systems.
Frequently asked questions
Can I start lending during the application?
No. NBFC business cannot begin before registration.
Does RBI meet the promoters?
RBI may seek clarifications and interact with promoters.
Is credit bureau membership needed?
Yes, NBFCs must become members of credit information companies.
Can foreign investors fund an NBFC?
FDI is allowed under automatic route subject to conditions.
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