The Reserve Bank of India licenses and regulates many financial businesses beyond banks: NBFCs (lending and investment), payment aggregators, prepaid payment instrument issuers, account aggregators, peer-to-peer lending platforms, asset reconstruction companies and money changers. Each has its own eligibility, capital and conduct rules, and applications are made online to RBI.
Common RBI licences
| Licence | Business |
|---|---|
| NBFC | Lending, investment, microfinance |
| Payment aggregator | Collecting payments for merchants |
| PPI issuer | Wallets and prepaid cards |
| NBFC-AA | Consent-based data sharing |
| NBFC-P2P | Peer-to-peer lending platforms |
| ARC | Asset reconstruction |
| FFMC / money changer | Foreign currency exchange |
How to choose
Map your money flows: whether you hold customer funds, lend from your balance sheet, or only provide technology. Technology-only models may not need an RBI licence but must work with regulated partners.
General process
- Incorporate a company with suitable objects.
- Meet capital or net worth requirements.
- Prepare policies and business plan.
- Apply to RBI and respond to queries.
- Complete system audits where required.
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Get expert help →Timelines
Most RBI authorisations take several months; plan fundraising accordingly.
Frequently asked questions
Does a lending app need an RBI licence?
The app itself may partner with regulated lenders under RBI's digital lending rules; lending on your own books needs NBFC registration.
Can an LLP get an RBI licence?
Most RBI licences require a company.
Is RBI approval needed for change in control?
Yes, for most regulated entities.
Are fintechs regulated by RBI?
Fintechs handling payments, lending or deposits generally fall under RBI regulation.
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