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Running an NBFC is not just about lending — it’s about running a tightly regulated financial institution under the continuous oversight of the Reserve Bank of India. From monthly and quarterly returns to annual audits, board governance, and Scale-Based Regulatory (SBR) compliance, the compliance calendar of an NBFC is unusually demanding, and any slip can attract penalties, supervisory action, or even cancellation of the Certificate of Registration.
In recent years, RBI has significantly raised the bar through the Scale-Based Regulatory (SBR) Framework, revised NPA norms, digital lending guidelines, KYC/AML tightening, and enhanced fair practices code obligations. NBFC boards and CFOs are expected to demonstrate not just compliance, but mature governance, data integrity, and real-time monitoring.
We offer end-to-end NBFC annual compliance services — covering Companies Act filings, RBI returns, NPA classification, corporate governance, statutory audit support, transfer pricing, GST, and ongoing advisory — so your NBFC stays compliant, audit-ready, and fully aligned with RBI expectations through the year.
RBI
Registered & supervised
SBR
Scale-Based Framework (2022)
CRAR
Capital adequacy monitoring
100%
Calendar-driven compliance
Regulations & Frameworks We Comply With
RBI Act, 1934
RBI Master Directions
SBR Framework
Companies Act, 2013
Fair Practices Code
KYC & PMLA
Digital Lending Guidelines
Income Tax & GST
Our NBFC Annual Compliance Services
RBI Returns & Filings
Preparation and filing of NBS-1, NBS-2, NBS-7, ALM, CRILC, and other periodic RBI returns.
MCA / ROC Compliance
AOC-4, MGT-7, DIR-3 KYC, INC-20A, board and AGM compliance under the Companies Act.
Statutory Audit Support
Year-end closure, NBFC-specific disclosures, provisioning, and auditor coordination.
NPA & Provisioning
Asset classification, income recognition, and provisioning as per RBI norms and Ind AS.
Corporate Governance
Board composition, committees, risk framework, and SBR-layer governance requirements.
KYC / AML / PMLA
Customer due diligence, PMLA reporting, STR/CTR filings to FIU-IND, and KYC policies.
Tax, TDS & GST
Income tax return, advance tax, TDS returns, GST returns, and transfer pricing compliance.
Policy & Framework Refresh
Annual refresh of credit policy, FPC, risk, IT, outsourcing, and digital lending policies.
Key RBI Returns for NBFCs
| Return | Purpose | Frequency |
|---|---|---|
| NBS-1 | Quarterly return on assets, liabilities, income and expenses | Quarterly |
| NBS-2 | Prudential norms, CRAR, NPA classification & provisioning | Quarterly |
| NBS-3 | Statutory liquid assets held by NBFCs-D | Quarterly |
| NBS-7 | Structural profile, capital adequacy and asset quality | Quarterly |
| NBS-8 / NBS-9 | Annual return for NBFCs based on asset size | Annually |
| ALM Returns | Asset Liability Management and liquidity risk monitoring | Monthly / Quarterly |
| CRILC | Large exposure reporting to the Central Repository | Quarterly |
| FC-GPR / FC-TRS | FDI / transfer of shares involving foreign investors | Event-based |
| Annual FLA | Foreign Liabilities and Assets Return to RBI | Annually |
NBFC Annual Compliance Calendar (Key Filings)
Monthly
ALM Returns & GST
Monthly ALM reporting (where applicable) and GST returns (GSTR-1 & GSTR-3B).
Quarterly
NBS Returns & CRILC
NBS-1, NBS-2, NBS-7, ALM, and CRILC returns to RBI post each quarter-end.
Quarterly
Board Meetings
Minimum 4 board meetings a year with review of portfolio, risk, and compliance status.
30 April
TDS Q4 Deposit
Deposit of Q4 TDS and payment of closure-related statutory dues.
31 May
TDS Q4 Return
Filing of Q4 TDS return (24Q, 26Q) for the previous financial year.
30 Jun
NBS-7 & Year-End
Year-end NBS-7 and NBS-9 submissions post audited financials, where applicable.
15 Jul
Annual FLA
FLA return to RBI on foreign liabilities and assets for companies with FDI.
30 Sep
AGM & DIR-3 KYC
Annual General Meeting within 6 months of FY end and DIR-3 KYC for directors.
30 Oct
Form AOC-4
Filing of financial statements with the Registrar of Companies.
31 Oct
Tax Audit & 3CEB
Filing of tax audit and Form 3CEB (transfer pricing) where applicable.
29 Nov
Form MGT-7
Annual return filing with ROC, including shareholding and governance details.
31 Dec
ITR Filing
Income tax return filing (extended date) for companies subject to audit.
Compliance Under RBI’s SBR Framework
NBFC-BL
Base Layer
Non-deposit taking NBFCs with asset size below ₹1,000 crore; moderate compliance expectations.
NBFC-ML
Middle Layer
NBFCs with asset size ₹1,000 crore and above, deposit-taking NBFCs, and specified categories.
NBFC-UL
Upper Layer
Top NBFCs identified by RBI based on scoring methodology; face bank-like enhanced regulation.
NBFC-TL
Top Layer
Currently empty, but may be populated by RBI if systemic risks significantly increase.
Our Compliance Approach
1
Onboarding
Review CoR, MOA, past filings, policies, and previous inspection or scrutiny reports.
2
Calendar
Build a customized compliance calendar mapped to your SBR layer and activities.
3
Execution
Prepare and file monthly, quarterly, and annual RBI, ROC, tax, and GST returns.
4
Governance
Support board meetings, minutes, committees, and policy refresh cycles.
5
Monitoring
Dashboard-based tracking of compliance status, red flags, and upcoming due dates.
Why Partner with Us for NBFC Compliance
✓
Avoid RBI penalties & supervisory actions
✓
Stay fully aligned with SBR framework
✓
Reduce risk of qualified audit reports
✓
Build investor, lender & board confidence
✓
Ready for RBI inspections at all times
✓
Accurate NPA classification and provisioning
✓
Smooth statutory audit and rating exercises
✓
Predictable compliance cost and timelines
FAQs on NBFC Annual Compliance
What are the key annual compliances for an NBFC?
Key annual compliances include statutory audit, MCA filings (AOC-4, MGT-7, DIR-3 KYC), income tax return, tax audit, transfer pricing (Form 3CEB), RBI returns (NBS-1, NBS-2, NBS-7, ALM, CRILC), FLA return for FDI-funded NBFCs, refresh of credit / risk / FPC / IT policies, and SBR-specific governance obligations.
What is the Scale-Based Regulatory (SBR) Framework?
The SBR Framework, effective from October 2022, classifies NBFCs into four layers — Base, Middle, Upper, and Top — based on size, activity, and systemic risk. Regulatory expectations — including CRAR, governance, ring-fencing, and disclosures — increase as you move up the layers. Our compliance approach is always calibrated to your applicable SBR layer.
Which RBI returns does an NBFC need to file?
Core returns include NBS-1, NBS-2, NBS-3 (for deposit-taking NBFCs), NBS-7, NBS-8/NBS-9, ALM Returns, CRILC, and annual FLA for companies with foreign investment. Additional returns apply to specialized NBFCs such as MFIs, HFCs, P2P, and Account Aggregators, as well as to entities involved in FDI/FPI transactions.
Is statutory audit mandatory for every NBFC?
Yes. Every NBFC, irrespective of turnover, is required to have its accounts audited annually by qualified statutory auditors. In addition, NBFCs must comply with specific RBI directions on rotation, joint audits (where applicable for larger NBFCs), and detailed disclosures in the auditors’ report and notes to accounts.
What is CRAR and why is it important?
CRAR (Capital to Risk-weighted Assets Ratio) measures the capital adequacy of an NBFC against its credit risk exposure. NBFCs must maintain a minimum CRAR as prescribed by RBI (typically 15% for most categories). Falling below the threshold can trigger supervisory action, restrictions on new business, and even revocation of CoR.
What are the consequences of non-compliance?
Non-compliance can lead to monetary penalties, restrictions on business, compounding proceedings under FEMA or RBI Act, adverse remarks in inspection reports, downgrades by rating agencies, difficulty in raising funds, and in serious cases, cancellation of the Certificate of Registration by RBI.
Do NBFCs need transfer pricing compliance?
Yes. NBFCs with international or specified domestic transactions with associated enterprises must comply with transfer pricing regulations under the Income Tax Act, including maintenance of TP documentation and filing of Form 3CEB certified by an accountant, within the prescribed due date each year.
How are digital lending NBFCs different in compliance?
NBFCs engaged in digital lending — directly or through Lending Service Providers (LSPs) — must additionally comply with RBI’s Digital Lending Guidelines. These cover Key Fact Statements, customer disclosures, grievance redressal, data usage, outsourcing norms, and responsibility for acts of LSPs, along with periodic LSP-specific reporting and audits.
Run a Clean, Audit-Ready, Fully Compliant NBFC
Partner with our specialists for end-to-end NBFC annual compliance — RBI returns, MCA filings, audit support, SBR governance, and policy refresh, all under one roof.
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