Previously, in an order dated March 26, 2019, the ECB prevented ECB proceedings from being used for working capital or the repayment of bank debt. The highlight of this announcement is the solution to the NBFC problem of mismatched assets and liabilities.

Changes in the ECB’s NBFC Funding Policy

The following are the changes in RBI provision in respect to ECB funding:

As per the previous provision dated March 26th, 2019

According to the RBI’s rule, ECB revenues cannot be used for working capital, general corporate purposes, or repayment of rupee debts unless the ECB is obtained from a foreign equity holder for a minimum average maturity length of 5 years. Furthermore, using ECB funds to finance these operations was forbidden.

What is the definition of a foreign equity holder?

A foreign equity holder, according to the RBI, is a person who owns a direct equity stake in the borrowing entity of at least 25%. If the person is an indirect equity investor, he must own at least 51 percent of the company. A collection of companies with a common parent from another country also falls under this category.

The latest RBI notification on the use of External Commercial Borrowings permitted for the use of such borrowings for working capital, general corporate purposes, and loan repayment. According to the data, NBFC bank credit was 6.2 lakh crores as of April 2019.

 (ECB)  for working capital

The RBI permitted the use of ECBs with a 10-year maturity period for working capital and general corporate purposes. Borrowing for on-lending by NBFCs is also permissible for the above-mentioned maturity period and end-uses.

The RBI stated that “borrowing for on-lending by non-banking financial businesses for a 10-year term and end-uses is also permitted.”

The RBI also allowed the use of External Commercial Borrowings to repay rupee loans and bank loans taken out in the country for capital expenditure. The average maturity period for such ECB usage is seven years. Furthermore, if current bank loans are used for purposes other than capital expenditure, the maturity time will stay at ten years.

“NBFCs will be allowed to borrow for on-lending to repay rupee loans,” says the statement. “The minimum average maturity period of the ECB would have to be 10 years for repayment of rupee loans availed domestically for purposes other than capital expenditure and for on-lending by NBFCs for the same,” the RBI stated.

What are the definitions of Eligible Lenders and Eligible Borrowers?

The RBI has established eligibility criteria for both borrowers and lenders. Only these businesses and individuals are allowed to borrow and lend money through External Commercial Borrowings. There are two types of borrowers and lenders who are eligible. This distinction is made on the basis of the currency used in financial transactions. According to RBI’s Master Direction – External Commercial Borrowings, Trade Credits, and Structured Obligations, funds taken in any freely convertible foreign currency and funds taken in Indian Rupee (INR) have different eligibility.

• Borrowers Eligible for Funds in Easily Convertible Foreign Currency
• Borrowers Eligible for Funds Taken in Indian Currency (INR)
• Lenders who are eligible to lend funds through the ECB

New ECB Norms on NBFC Financing are Required

The new rules were enacted in response to the industry’s current liquidity shortage. Following the emergence of the NBFC crisis, banks dramatically reduced their financing to NBFCs. The issue has sparked panic among the country’s 10000 or so NBFCs.

The three main sources of NBFC borrowing are bank loans, mutual fund borrowings, and funding. In the event of a crisis, the NBFC industry would have a difficult time raising funds from any of the three domestic markets.

According to industry observers, the sector’s problems stem mostly from NBFCs’ borrowing patterns, rather than their lending methods. NBFCs used to borrow for a period of 6 months to 3 years in short-term loan papers or commercial papers.

The ECB’s Norms and Their Impact on NBFCs

The RBI announcement comes at a time when NBFCs are having difficulty raising capital in the domestic market. The move is likely to make it easier for such businesses to raise financing from outside. According to RBI’s revised ECB regulations, the minimum ECB maturity time for working capital and general business purposes is ten years.

The ECB’s infusion of NBFC funding is expected to aid NBFCs that are having trouble maintaining a positive working capital ratio. The funding will allow businesses to be more flexible in their operations.

The ability to use ECB to repay bank debt was another benefit. This is intended to bring NBFC default rates into balance. The government anticipates providing financial stability to the NBFC sector and making a cheaper source of NBFC funding available.

According to sources, the NBFC earned 4.01 crores through the sale of commercial paper in the fiscal year 2019. The ability to access ECB funds will help to minimize reliance on commercial papers.

Surprisingly, NBFCs are the MSME sector’s primary source of capital. As a result, the NBFC sector’s stability is critical for MSME growth. Experts believe that NBFCs will benefit from ECB funding since it will provide them more flexibility in their lending operations.

When will these new FDI policy norms have an impact on ECBs?

On-lending by NBFCs for working capital or general corporate purposes must have a minimum average maturity duration of ten years. The conversion of ECBs, including those that have matured but have not been paid, into equity is possible under RBI regulations. However, some rigorous restrictions on ECBs purchased from foreign countries or from Chinese investors are possible. This is true in the event of any loans obtained from these foreign individuals (which are convertible into equity). If the loan was taken before the amendment of the Companies Act and had an average maturity length of more than 10 years, it would be subject to the FDI amendment standards. In this instance, the loan and borrowing company’s activities will be covered by the Foreign Direct Investment route approved by the government (FDI). To summarise, if a loan is converted to equity, the foregoing FDI approval requirements for Chinese investments will also apply.

Related Blogs:

Annual Compliance of NBFCs India
Buying and Selling of NBFCs in India
Difference between NBFC and Microfinance Companies

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Small finance banks are a type of bank that helps those sections which do not get support from other banks. Small finance banks provide basic bank facilities to the economical sections which are not supported by the other banks. It helps to provide financial aid to the small business units, small or marginal farmers, micro or small industries. It includes small scale businesses, the unorganized sector, low-income households, farmers, etc.

Small finance banks are registered as a public limited company under companies act in 2013. It is licensed under section 22 of the banking regulation act 1949. It is governed by the provisions of the banking regulation act 1949 and the reserve bank of India act 1934. Reserve bank of India wants to help the weaker sections of the economy ie rural and semi-urban areas.

Small finance banks let their depositors invest in current accounts and savings accounts, fixed deposits, commercial papers, refinancing, etc. On saving accounts they offer a 6-7% interest rate. on fixed accounts, they offer a 9% interest rate and so on.

Small finance banks provide two types of loans that are individual and group loans. The group loans are offered on joint liability. If a member of the group fails to pay the amount then the whole group is liable for the loan.

Small finance groups require prior approval every time from the RBI when they want to establish a new branch. Small Finance Banks also require to extend 75% of their Adjusted Net Bank Credit (ANBC) to the classified sectors under the priority sector lending (PSL) by the RBI.

The objective of small finance banks

• Its main and foremost purpose is to provide an institutional mechanism for promoting savings among the rural & semi-urban sections of society.
• It helps in the supply of credit to small business units; small & marginal farmers; micro & small industries and other unorganized sectors.

Rules for Small Finance banks

• Small finance banks will perform basic banking services of accepting the deposits and lending money to backward sections.
• It will provide banking facilities to boost saving habits among rural people.
• These small finance banks are established as a public limited company. They may be promoted either by individuals, corporate, trust or societies.
• These are governed by the provisions of the Reserve Bank of India act 1934 and the Banking Regulation Act 1949.
• Small Finance Banks cannot borrow funds from the Reserve Bank of India, unlike any other scheduled bank.

Key challenges faced by Small Finance Bank

• It is difficult to maintain an ideal technology platform which will be beneficial for both the customers in ease of transactions and to the bank as a reduction in cost.
• Earlier Small Finance Banks were functioning as MFIs (Microfinance institutions), Small financial Banks did not handle deposits before.
• It is essential for them to invest in the infrastructure which enables deposits through ATM network and partnering with banks.
• Capital adequacy ratio, cash reserve ratio (CRR) and statutory liquidity ratio (SLR) will be an aspect for managing.  Which will result in reduced earnings until SFBs develop a substantial depositor base for managing them.

Eligibility Criteria for Banks

• Min. Paid Up Capital Rs. 100 Crores
• Promoters minimum initial contribution to above 40%(to be bought to 26% within 12 years of commencement)
• Foreign Shareholding as per FDI policy for private banks
• Subjected to all prudential norms and regulations of commercial banks
• Extend 75% of ANBC to the sectors classified as PSL
• At least 50% of its loan portfolio should constitute of loan and advances up to 25 lakhs

FAQs

Q1-Why Small Finance Banks are needed?

Small finance banks can play an important role in the supply of credit to micro and small enterprises, agriculture and banking services in unbanked and under-banked regions in the country. Therefore RBI decided to license new “small finance banks” in the private sector.

Q2-Are payments banks scheduled banks?

Payments banks is a new model of banks conceptualized by the Reserve Bank of India (RBI). These banks can accept a restricted deposit, which is currently limited to ₹100,000 per customer and may be increased further. These banks cannot issue loans and credit cards

Q3-What is the difference between small finance banks and commercial banks?

These banks can do almost everything that a normal commercial bank can do but at a much smaller scale. One such difference is that a payment bank has a limit of 1 lakh on deposit per account; small finance banks do not have a limit. Payments banks cannot lend, while small finance banks can give loans.

Q4-How many private banks are there in India?

In all, there are 21 private sector banks in India. Out of which there are 13 old private sector banks that were present even before nationalization 1969 and are still autonomous and private which are, Catholic Syrian Bank, City Union Bank, etc.

Q5-Is Jana bank small finance bank listed?

Jana Small Finance Bank, formerly Janalakshmi Financial Services, is looking at listing its shares by March 2021. It started operations on March 28. As a microfinance institution, Bengaluru-based Janalakshmi raised Rs 16 billion as capital in 2017-18.

Conclusion

Thus we can say that small finance banks help those sections which do not get support from other banks. Small finance banks provide basic bank facilities to the economical sections which are not supported by the other banks. They are important for the development of the weaker sections as they provide the much needed financial help to them.

For further more information regarding  NBFC registration, small business units you can visit our website: Legal Raasta. Our employees will help you and clear your doubts and answer your inquiries happily.

Hurry up! And give us a ring at 8750008585 and you can send your query on Email: contact@legalraasta.com 

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A Non-Banking Financial Company (NBFC) is a financial institution.  It carries on businesses under the Companies Act 2013  like:-

• receiving personal loans and advances,
• Acquisition of stocks or shares,
• Leasing,
• Hire-purchase,
• Insurance business, and
• chit fund business.

In India, the authority to control the NBFC registration is with the Reserve Bank Of India(RBI). Non-Banking Financial Company helps people with its variety of banking and non-banking services. They need to follow the rules and regulations made by RBI. According to the provisions mentioned in Chapter III B of the RBI Act 1934, it’s function is regulated and supervised.  NBFC Registration must be done as per the rules & regulations referred to in Section 45-IA of the RBI Act 1934 and as per companies Act 2013. There is a necessity of minimum net owned fund of Rs. 2 Crore in NBFC.

The main activity of their business is to raise funds from public depositors and investors and then lend to borrowers according to rules and regulations made by the Reserve Bank of India. They are an alternative to the banking and financial sector.

India’s Regulatory Requirements of NBFC

After obtaining “Certificate of Registration” from the RBI only then NBFCs can start its operations.

• The company should be registered as a public limited company or private limited company in India
• The company should have mininmum net owned fund Rs.2 Crore.

(Note that, the net owned fund will be calculated as per the last audited balance sheet of the company.)

• NBFCs can accept or renew public deposits for a minimum period of 12 months and a maximum period of 60 months.
• Also, they can’t accept deposits repayable on demand.
• NBFCs can offer interest rates not more than the ceiling rates referred by RBI from time to time.
• Offering gifts/incentives or any other additional benefit to the depositors is not allowed.
• There is a necessity of minimum investment-grade credit rating.
• There is no assurance by RBI for repayment of deposits by NBFCs.
• NBFC has to submit hard copies of the documents through the regional office of RBI.

Must Read: Prerequisites of NBFC Registration

Types of NBFCs

NBFC Regulation | Types |Legal Raasta

NBFCs can be categorized on the basis of their liabilities or activities. Below we give in detail about them.

Based on Liabilities:

• Deposit Accepting NBFCs (NBFCs-D) [Deposit Taking]
• Non-Deposit NBFCs (NBFCs-ND) [Non-Deposit Taking]
• Systematically Important NBFCs-ND (NBFCs-ND-SI)
• Others NBFCs-ND

Based on Activities:

Asset Finance Company (AFC)

These type of companies involve financing physical assets such as:-

• Automobiles,
• Material handling equipment, and
• Industrial machines supporting economic activity.

Equipment Leasing Company

Equipment Leasing Company is a type of financial institution which carries its own principal business activity of leasing of equipment.

Hire Purchase Finance Company

It is a type of financial institution that carries its own principal business activity of hire purchase transactions.

Investment Company (IC)

It is a type of financial institution whose main business is related to the acquisition of securities.

Loan Companies (LC)

It is a type of institution which provides finance in the form of loans or advances. And they obtain funds by collecting deposits from the public, as well as give loans to small-scale traders.

Infrastructure Finance Company (IFC)

Net own funds of Infrastructure Finance Company is Rs.300 Crore, Credit rating ‘A’ or equivalent credit rating, CRAR of 15% and 75% in infrastructure loans.

Systemically Important Core Investment Company (CIC-ND-SI)

This company has deployed at least 90% of its assets(assets of Rs. 100 crores and above) in the form of investment in shares, debt instruments or loans in group companies. These companies also accept public funds.

Must read: Regulations governing NBFCs in India

Infrastructure Debt Fund (IDF-NBFC)

• These types of companies can be set up either as a trust or as a company and they are meant to infuse funds into the infrastructure sector.
• But if Infrastructure Debt Funds can set up as a trust, then it is a mutual fund. And it will be known as IDF-MF which is regulated by SEBI. The mutual fund would issue rupee-denominated units with 5 years of maturity to collect funds for the infrastructure projects.
• And in case Infrastructure Debt Funds can set up as a company, it will be an NBFC which will work under the guideline of RBI. Such companies are known as IDF-NBFC. IDF-NBFC is a type of non-deposit taking NBFC that has Net Owned Fund of Rs 300 crores or more and which invests only in Public-Private Partnerships (PPP). The post-commencement operations date (COD) infrastructure projects which have completed at least 1 year of satisfactory commercial operation and become a party to a Tripartite Agreement.

Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI)

It is a non-deposit NBFC having it’s 85% of assets in the form of microfinance.

Microfinance needs to be in the form of loans given to those who all are having an annual income of Rs. 60,000 in rural areas and Rs. 120,000 in urban areas. Also, loans should not exceed Rs. 50,000. The duration of the loan should not be less than 24 months.

Non-Banking Financial Company 

These companies should have a minimum Net Owned Fund of Rs. 5 Crore and its financial assets in the factoring business should constitute a minimum of 75 percent of its total assets. And its income derived through factoring business should be a minimum 75 percent of its gross income.

Housing Finance Company

It is a type of company whose main business is of financing of addition or construction of houses. And also includes the development of plots of lands for the construction of new houses.

Chit Fund Company

Chit Fund Company collects deposits from members on a periodic basis and distributes those funds between them as prizes. Members who enter into an agreement with chit Company subscribe for a particular period. The Chit Fund Act, 1982 governs the functions of the Chit Fund Company administered by the State Governments. And the deposit-taking activities works under the guideline of  Reserve Bank of India(RBI)

Mutual Benefit Finance Company

These Companies also called “Nidhis”, are the non-banking finance companies that allow its members to pool their money into predetermined investment objective. The main sources of funds:-

• share capital,
• member deposits,
• public deposit

Must read about Increase in Authorised Share Capital

Residuary Non-Banking Company

This company is a type of NBFC having the main business of the receiving of deposits, under any scheme, arrangement or in any other way and not being an investment, asset financing, and loan company. These types of companies have to maintain investments as per regulations of RBI, in addition to liquid assets.

For further information regarding Company Incorporation, Private Limited Company, Public Limited Company you can visit our website: Legal Raasta

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In India, Banks have some certain limitations because they are not able to open branches in remote and inaccessible places as India is geographically large country. Due to this, NBFCs and MFIs are being operated in rural parts of the country to meet banking requirements of the people. Although, both of these types of entities serve the basic and main purpose of providing banking facilities. However, there are some differences between the two entities.  In this article, we will let you know about the differences between NBFC and Microfinance companies.

For further information regarding Classification of NBFCs in India, and NBFC registration you can follow our blog.

What are NBFCs?

The term NBFC (Non-Banking Financial Company) refers to a company which is registered under the Companies Act and is regulated by the Reserve Bank of India under the RBI Act,1934. The activities are related to lending and other activities that it includes are providing loans and advances, credit facility, savings and investment products, trading at money market, managing portfolios of stocks, transfer of money etc. All NBFCs are engaged in hire purchase, leasing, infrastructure finance, venture capital finance, housing finance etc. NBFCs are allowed to accepts deposits but only term deposits. But deposits which are repayable on demand are not accepted by NBFC.

Read more: Procedure for Due Diligence of NBFC

Categories of NBFCs

There are mainly three kinds of companies under Non- Banking Financial institutions which are following:

1. Asset companies
2. Loan Companies
3. Investment Companies

As NBFCs can not issue cheques drawn on itself as well as it cannot accept saving deposits in the manner that a bank does so there is a difference between NBFCs and Banks. Apart from this, Money deposited in any NBFC does not have any guarantee like Banks. Moreover, it performs banking functions at a smaller scale in comparison to banks. Read here for Annual Compliance of NBFCs in India.

What is Microfinance Companies?

Microfinance Company or Institution (MFI) exists at a smaller level in comparison to NBFC. It is serving the similar motive as NBFC to the underprivileged and impoverished sections of the society that do not have an access to banking facilities. MFI provides small funds that can vary from Rs. 1000-20000 to the poor people for starting a business. There are also some complaints of MFIs regarding irregularities in the functioning as it charges higher interest rates from the poor. Besides, it mainly indulges in providing loans in contravention to the directives issued to such MFI to newly formed groups within 15 days of formation. In some instances, it has been noted that when MFIs get the sanction of credit facility after this there is no review of the functioning of MFI.

The state government has taken some necessary steps to convert MFI into NBFC which are better regulated by RBI. Rather MFIs wants to get NBFC status because they will get access to wide-scale funding from banks.

Difference between NBFC and Microfinance Companies

Both NBFC and Microfinance Companies play an important role in rural areas. When there is an absence of banks in the rural areas then Non-banking financial institution performs similar functions as banks perform. Although, Non-Banking Financial company cannot issue checks drawn on itself. On the other hand, MFI stands for Microfinance institutions which are established to operate at a smaller level than NBFC and provide small loans facilities to the underprivileged sections of the society.

For further information regarding NBFC registration you can reach to our website: Legal Raasta

Give us a call at 8750008585 and you can also send your query on Email: contact@legalraasta.com

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Now it has been declared that Indian Accounting Standard(Ind AS) is mandatory for certain Non-banking Financial companies effective 1 April 2018 with the first quarter reporting out for some. But the transition to Ind AS for NBFCs might get postponed. This accounting change is expected to have a profound impact on the business of NBFCs. It is also expected that Ind AS should be as much part of the CEO agenda as it is of the CFO/Controller’s agenda. NBFCs have been advised to proactively reach out to internal and external stakeholders to highlight impacts of these changes. In this article, we will focus on the Changes in Indian Accounting Standard for NBFCs which has been introduced recently.

If you want any other information regarding NBFCs Annual Compliance or NBFCs registration then must follow our blog.

Changes in Indian Accounting Standard for NBFCs

There are some significant potential Changes in Indian Accounting Standard for NBFCs that have been introduced in Ind AS which are given below:

• NBFCs shall incur the upfront fees and loan origination costs such as commission and incentives. Amortisation is required by Ind AS for directly attributable and incremental origination fees and costs.
• For amortization, the cost that is incurred in-house is not eligible. Through this, the choice can be made whether to opt for insourcing or Outsourcing. Moreover, it is relevant in the way these costs impact the statement of profit and loss.
• Consideration of Expected Credit Losses ‘ECL’ from the current delinquency based provision is the key change. When the NBFCs do not embed concepts such as risk-based measures for pricing of loans and asset allocation then there would be a direct impact in the statement of profit and loss account.
• In case of assets, a significant increase in credit risks since origination (stage 2) i.e when the facility is more than 30 days overdue then Ind AS need recognition of lifetime ECL as against 12 month ECL (stage 1). This will create a cliff effect and will tantamount to a high impairment charge being recognized upfront. Therefore, NBFCs may now require to spend much greater effort on early collections in order to avoid recognition of lifetime provisions.
• Due to the Changes in Indian Accounting Standard for NBFCs, Employee stock options will also impact NBFCs as Ind AS mandates fair valuation of these options to be recognized as a charge in the statement of profit and loss, as against not recognizing any charge in the erstwhile Indian GAAP.
• It requires clarification in the existing RBI master circulars. The accounting of certain transactions will have to be on the basis of Ind AS framework in the absence of any implementation guidance.
• Many NBFCs can frequently get into the secularisation and direct assignment transactions. This assessment contains two things- first, significant risks and rewards have been transferred to the purchaser and the second is the secularisation trust is different under Ind AS if compared to Indian GAAP. Ultimately, the loans are recognized back on the books of the originator and in some cases, the loans might need to be fair valued.
• Mandatory convertible preference shares are eligible for consideration as Tier 1 capital under the RBI Regulations. However, Ind AS will need the assessment according to the terms of the conversion and certain instruments would not be eligible to be considered as an equity instrument that impacts Tier I capital ratio.
• It becomes compulsory for the NBFCs to submit periodic returns to the RBI. Although, it is still unclear whether these returns would be prepared under the erstwhile Indian GAAP or under Ind AS. But the harmonious approach will be to align the financial reporting and regulatory reporting.
• Since, there could be instances wherein the transition adjustments have a significant impact on the net worth of NBFCs on transition, the treatment of Ind AS transition adjustments on capital adequacy is also unclear. The current environment where Ind AS transition is being conducted has a considerable ambiguity because of the lack of certain key regulatory clarifications and guidance. Obviously, running a business in such an environment might be challenging but the NBFC industry will look forward to receiving inputs from the regulators such as the RBI to provide help to the companies who are achieving the smoother transition for financial as well as regulatory reporting.

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NBFCs or Non-Banking Financial Companies are a major contributor to the 12.5% GDP rise in India. In addition to this, NBFCs have a projected growth of a staggering 19-21% in the financial year 2018-19. So it’s pretty clear that NBFCs are a major part of India’s economy. So what are NBFCs? How do you form an NBFC? What are the compliances of NBFCs? In this piece, we are going to look at some FAQs on NBFC.

What is NBFC?

NBFC stands for Non-Banking Financial company. NBFCs come under regulations set by the Reserve Bank of India(RBI). As the name suggests, NBFCs are companies providing financial services and they do so being a separate legal entity from banks.

What are the services provided by NBFCs?

NBFCs provide a wide range of financial services to the general population.

1. Loan and Advances
2. Credit Facilities
3. Saving and Investment Plans
4. Acquisition of Stocks, Shares, Bond hire purchases
5. Money transfer service
6. Insurance Business or Chit fund Business

What is the difference between a Bank and NBFC?

Can NBFCs accept deposits?

Not all NBFCs are authorized to accept public deposits. To accept public Deposits, NBFCs have to acquire a certificate of registration authorizing them to accept public deposits.

What are the different types of NBFCs in India?

Broadly NBFCs are deposit-taking (NBFC-D) or no deposit NBFCs(NBFC-ND). NBFCs whose asset size exceeds Rs. 100 crore is called Systematically Important ( NBFC-SI).

Whether they are deposit-taking or not, NBFCs are classified on the basis of the services they are providing.

Given below is a list of types of NBFCs.

• Asset Finance Company
• Investment Company
• Loan Companies
• Infrastructure Finance Company
• Systematically Important Core Investment Company
• Infrastructure Debt Fund
• NBFC- Microfinance
• NBFC-Factors

Read More: Classification of NBFCs in India

Which companies can do NBFC activities by getting NBFC license?

Given below is a list of organizations/companies who cannot register as an NBFC

• Any institution whose principal business is of agriculture.
•  Businesses engaged in industrial activity.
•  Institutions dealing with purchase or sale of any goods (other than securities) and services.
• Engaged in sale/purchase/construction of immovable property.
• Companies whose principal business is receiving deposits under any scheme or arrangement in one lump-sum or in installments by way of contributions or in any other manner.

How to register an NBFC in India?

NBFC registration procedure is India is very straightforward. To register and acquire NBFC license a company –

• Should be registered as a Private Limited Company or a Limited Company.

Following are the steps to incorporate a private limited company in India.

1. Acquire DSC(Digital Signature Certificate)
2. File for name approval
3. File SPICe e-form (INC-32) along with e-MoA(INC-33) and e-AoA(INC-34)

Whole procedure might take about 4-5 days.

• The company should have a minimum net owned fund of Rs. 200 lakhs.

The formula to Calculate Net Owned Funds

You can skip the hassle and do your NBFC registration withLegalRaasta’s expert help. Click the link to fast-forward to starting your work without worrying for registration procedures

What are the annual Compliances of NBFCs?

Given below is a list of Annual Compliances of NBFCs

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