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What is an NBFC?

A Non Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business but does not include any institution whose principal business includes agriculture, industrial activity or the sale, purchase or construction of immovable property.

The working and operations of NBFCs are regulated by the Reserve Bank of India (RBI) within the framework of the [[Reserve Bank of India Act, 1934]] (Chapter III-B) and the directions issued by it. On November 9, 2017, Reserve Bank of India (RBI) issued a notification outlining norms for outsourcing of functions/services by Non-Bank Financial Institution (NBFCs) As per the new norms, NBFCs cannot outsource core management functions like internal audit, management of investment portfolio, strategic and compliance functions for know your customer (KYC) norms and sanction of loans. Staff of service providers should have access to customer information only up to an extent which is required to perform the outsourced function. Boards of NBFCs should approve a code of conduct for direct sales and recovery agents. For debt collection, NBFCs and their outsourced agents should not resort to intimidation or harassment of any kind. All NBFCs have been directed to set up a grievance redressal machinery, which will also deal with the issues relating to services provided by the outsourced agency.

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NBFC Registration Procedure

Here are the following steps that need to be taken for NBFC registration with RBI:

  • Acquire DSC and Din for directors
  • File Name approval application
  • An affidavit from directors to fulfill RBI compliance
  • Draft MOA & AOA
  • File incorporation forms with necessary documents
  • Obtain a certificate of registration from Registrar of Companies
  • Deposit Net Owned Funds in a bank account opened for company
  • Apply for registration with RBI under RBI Act, 1934.
  • Applicant Company has to file an online application with the RBI on its official website.
  • After this, an applicant will get a reference number to facilitate inquiry in the future.
  • After this, it is required to submit the duplicate hard copies to the concerned regional office of RBI.
  • The regional office shall check the accuracy of all submitted documents.
  • The regional office will send the application for NBFC LIcense to the central office.
  • The central office of RBI grants NBFC registration only when applicant company fulfills prescribed requirements under section 45-IA.
  • NBFC must commence its business within 6 months from the date of Certificate of Registration.

NBFC License Requirements with RBI

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

*Provided that, net owned funds should be calculated according to the last audited balance sheet of the company.

  • For a minimum period of 12 months and a maximum period of 60 months, NBFCs are allowed to accept/renew public deposits.
  • NBFCs cannot accept deposits repayable on demand.
  • NBFCs can offer interest rates not higher than the ceiling rate prescribed by RBI from time to time.
  • Offering gifts/incentives or any other additional benefit to the depositors is not allowed.
  • There is a requirement of minimum investment grade credit rating.
  • Repayment of deposits by NBFCs is not guaranteed by RBI.
  • Furnishing hard copies of the list of documents with the regional office of the RBI.

What is the Difference between Banks & NBFCs?

Here are the following differences between NBFC and Bank:

  • Banks are the government authorized financial intermediary that aims at providing banking services to the general people. Whereas NBFC provides banking services to people without carrying a bank license.
  • NBFC is incorporated under the Companies Act whereas a bank is registered under the Banking Regulation Act, 1949.
  • NBFCs are not allowed to accept deposits which are repayable on demand whereas banks which accepts demand deposits.
  • In NBFC, foreign Investments up to 100% is allowed. Whereas in the case of private sector banks they are eligible for foreign investment, but which would be not more than 74%.
  • Banks are an integral part of the payment and settlement cycle while NBFC is not a part of this system.
  • It is mandatory for banks to maintain reserve ratios like CRR or SLR. Whereas in the case of NBFC it is not required to maintain reserve ratios.
  • Deposit insurance facility is allowed to the depositors by Deposit Insurance and Credit Guarantee Corporation (DICGC). In the case of NBFC, this type of facility shall not be available.
  • Banks can create credit whereas in case of NBFC they are not involved in the creation of credit.
  • Banks can provide transaction services to its customers such as providing overdraft facility, issue of travelers cheque, transfer of funds, etc. Whereas these type of services cannot be provided by NBFC.

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