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NBFC Registration

The reserve bank of India regulates the functioning and operations of NBFC inside the Reserve Bank of India Act, 1934 and the guidelines issue by the act. According to RBI act, NBFC is Non-banking financial corporation, which is registered under the Companies Act, 1956 of India and is engaged in the business of loans and advances, acquisition of shares/ debentures /stock/bonds/securities issued by government or local authority.

Under the Act, it is necessary for a NBFC to get itself registered by the RBI as a deposit taking company. This NBFC registration authorizes it to carry out its business as an NBFC. For the registration with the RBI, a company incorporated under the Companies Act, 1956 and willing of commencing business of non-banking financial institution should have a minimum disposable owned fund of Rs 2 Crore.

The NBFC registration in India involves capitulation of an application by the company in the agreed format along with the compulsory credentials for RBI's concern. If the bank is satisfied that the situation enumerated in the RBI Act, 1934 are satisfied, it issues a 'Certificate of Registration' to the company. Only those NBFC holding a valid Certificate of Registration can hold public deposits. The NBFC accepting public deposits should comply with the Non-Banking Financial Companies Acceptance of Public Deposits Directions, 1998, as issued by the bank.

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