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NBFC registration is the formal process of obtaining a Certificate of Registration (CoR) from the Reserve Bank of India that authorizes a company to carry on financial business — including lending, investments, leasing, factoring, and similar activities. Without a valid CoR, no company can legally operate as a Non-Banking Financial Company in India.
NBFC registration is a detailed, scrutiny-heavy process. RBI evaluates the promoter background, source of capital, business plan, risk framework, IT readiness, and Fit & Proper criteria of directors before granting the CoR. Every documentation gap or inconsistency can delay approval by months — which is why NBFC registration requires specialist hands.
We provide end-to-end NBFC registration services — from selecting the right NBFC category, structuring capital to meet Net Owned Funds (NOF), preparing business plans and policies, filing the online application, and responding to RBI queries until the CoR is issued.
₹10 Cr
Minimum Net Owned Funds
RBI
Certificate of Registration (CoR)
4-6
Months typical timeline
COSMOS
RBI’s online application portal
Regulations & Frameworks We Align With
RBI Act, 1934
Companies Act, 2013
RBI Master Directions
SBR Framework
Fit & Proper Criteria
FEMA & FDI Policy
PMLA
Fair Practices Code
What’s Included in Our NBFC Registration Package
Category Selection
Advisory on the right NBFC category (ICC, MFI, Factor, IFC, P2P, AA, CIC) for your business model.
Company Structuring
Structuring shareholding, board composition, and promoter entities to meet RBI expectations.
Capital Planning
Guidance on raising and infusing Net Owned Funds (NOF) and pricing of share issuance.
Business Plan & Projections
Drafting of 5-year business plan, target segments, revenue model, and financial projections.
Policies & Framework
Credit, risk, KYC/AML, Fair Practices Code, IT/IS, and grievance redressal policies.
Online Application (COSMOS)
Filing of complete application on RBI’s COSMOS portal along with physical submission to RBI office.
Fit & Proper Evaluation
Preparation of director profiles, declarations, and evidence for Fit & Proper criteria.
RBI Query Response
End-to-end handling of RBI scrutiny, observations, and follow-ups until CoR is granted.
NBFC Categories & Minimum Capital
Most Common
NBFC-ICC
Investment & Credit Company engaged in lending, investments, and general financing activities.
NOF: ₹10 Crore
Micro Loans
NBFC-MFI
Microfinance institution lending small-ticket loans to low-income, self-employed borrowers.
NOF: ₹10 Crore
Receivables
NBFC-Factor
Engaged in factoring and assignment of trade receivables under the Factoring Regulation Act.
NOF: ₹10 Crore
Infra
NBFC-IFC
Infrastructure Finance Company providing long-term loans for infrastructure projects.
NOF: ₹300 Crore
Housing
HFC
Housing Finance Company providing home loans, regulated jointly by RBI and NHB.
NOF: ₹20 Crore
P2P
NBFC-P2P
Peer-to-peer lending platform matching lenders with borrowers under RBI’s P2P framework.
NOF: ₹2 Crore
Data
NBFC-AA
Account Aggregator enabling consent-based sharing of financial data between institutions.
NOF: ₹2 Crore
Group
CIC-ND-SI
Core Investment Company holding investments in group companies above the asset threshold.
Assets: ₹100 Cr+
Key Eligibility Criteria
Registered Company
Must be a company incorporated under the Companies Act, 2013 — private or public limited.
Net Owned Funds
Minimum NOF of ₹10 crore (or category-specific), verified by banker’s certificate.
Clean Directors
Directors and promoters must have clean track records — no defaults, frauds, or regulatory actions.
Fit & Proper Criteria
Directors must satisfy RBI’s Fit and Proper Criteria covering integrity and experience.
Experienced Management
At least one director should have relevant experience in financial services or banking.
Financial Business Intent
Main object clause of the MOA should clearly reflect financial business activities.
Documents Required
Company & Corporate
- Certificate of Incorporation
- MOA & AOA with NBFC objects
- Board resolution for NBFC registration
- Shareholding pattern
- Latest audited financials
- NOF certificate from statutory auditor
- Banker’s report on NOF
Directors & Promoters
- PAN, Aadhaar, and address proof
- Passport-size photographs
- Educational & professional qualifications
- Net worth certificate
- Fit & Proper declaration
- CIBIL and credit history report
- Experience in financial services
Business Plan & Policies
- Detailed 5-year business plan
- Financial projections (P&L, BS, CF)
- Credit & risk management policy
- KYC / AML / CFT policy
- Fair Practices Code
- IT & IS security policy
- Grievance redressal framework
NBFC Registration Process
1
Incorporation
Incorporate a private / public limited company with NBFC-compliant objects and capital.
2
NOF Infusion
Infuse the prescribed Net Owned Funds and obtain certificate from auditor and banker.
3
Documentation
Prepare business plan, policies, director profiles, and all supporting documents.
4
COSMOS Filing
File online application on RBI’s COSMOS portal and submit physical copy to regional RBI.
5
CoR Grant
Respond to RBI queries and supervisory review until Certificate of Registration is issued.
Why Register as an NBFC
✓
Legally carry on lending and financial activities
✓
Strong market credibility as an RBI-regulated entity
✓
Access to institutional funding and bank lines
✓
Eligibility to issue NCDs, bonds, and raise ECBs
✓
Flexibility to design innovative financial products
✓
Attractive vehicle for fintech and lending tech
✓
Strong appeal to PE, VC, and strategic investors
✓
Entry into co-lending & priority sector ecosystem
FAQs on NBFC Registration
Who needs to register as an NBFC?
Any company whose principal business is to carry on financial activities such as lending, investment, leasing, hire purchase, or acquisition of shares and securities must obtain a Certificate of Registration (CoR) from the RBI before commencing business. The “principal business” test requires that over 50% of the company’s assets and 50% of its income come from financial activities.
What is the minimum Net Owned Funds (NOF) requirement?
The RBI has revised the minimum NOF requirement to ₹10 crore for most NBFCs, to be achieved in a phased manner by the notified timelines. Specialized categories have different thresholds — IFC at ₹300 crore, HFC at ₹20 crore, P2P and Account Aggregators at ₹2 crore. We assess the right threshold for your category before structuring capital.
How long does NBFC registration take?
The NBFC registration process typically takes 4 to 6 months from filing to CoR grant, depending on completeness of documentation, RBI’s queries, and background verification of promoters. Well-prepared applications with strong business plans and clean promoter backgrounds tend to move faster through the system.
What are Fit and Proper Criteria for directors?
Fit and Proper Criteria is an RBI standard requiring NBFC directors to have integrity, good reputation, relevant qualifications, financial soundness, and absence of adverse regulatory actions. Declarations and background checks are required for every director during registration and updated annually thereafter.
Can I start lending before receiving the CoR?
No. Any company carrying on NBFC activities without a valid CoR is in violation of Section 45-IA of the RBI Act and may attract heavy penalties, criminal prosecution, and forced closure. Lending operations can only commence after the Certificate of Registration is received from RBI.
Can foreign investors hold stake in an NBFC?
Yes. 100% FDI is allowed in NBFCs under the automatic route for 18 specified financial activities, subject to minimum capitalization norms under the FDI policy. FEMA compliance, FC-GPR filing, and pricing guidelines must be adhered to for every foreign investment round.
Can I buy an existing NBFC instead of a fresh registration?
Yes. Many promoters choose to acquire an existing NBFC as it is usually faster than a fresh CoR application. However, any change in management or shareholding above prescribed limits requires prior RBI approval, along with thorough due diligence of the target NBFC’s portfolio, compliance record, and legacy risks.
What happens after the CoR is granted?
Once the CoR is issued, the NBFC becomes fully operational and falls under continuous RBI supervision. Ongoing compliances include statutory audit, periodic RBI returns (NBS-1, NBS-2, NBS-7, ALM), CRAR maintenance, Fair Practices Code, KYC/AML, Scale-Based Regulatory (SBR) compliance, and digital lending guidelines where applicable.
Get Your NBFC Certificate of Registration from RBI
Partner with our experts for end-to-end NBFC registration — from category selection and capital planning to COSMOS fili