- Urbtech Trade Centre, B Block, Sector 132, Noida
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NBFCs engage in various financial activities, such as providing loans and advances, acquiring shares, bonds, and stocks, offering hire-purchase services, insurance, and chit-fund businesses.
To start a Non-Banking Financial Company (NBFC) in India, follow these steps:
Company Registration: Register your company under the Companies Act of 2013 or the Companies Act of 1956.
Net Owned Funds: Ensure that your company has a minimum Net Owned Fund (NOF) of Rs.2 crore or more. NOF is calculated as per RBI’s definition.
Director Background: Have at least one director in the company with a background relevant to financial services.
CIBIL Score: Maintain a good CIBIL score, which is required for NBFC registration.
Remember that NBFCs lend and take deposits similar to banks, but there are some differences. For instance, NBFCs cannot accept demand deposits, issue self-drawn cheques, or provide Deposit Insurance and Credit Guarantee Corporation coverage to depositors. If your company meets the criteria, you can apply for an NBFC license with the Reserve Bank of India (RBI)
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