Non Banking Finance Company Registration
A non banking finance company should be registered under the companies Act 2013 and In terms of Section 45-IA of the RBI Act, 1934, it is mandatory that every NBFC should be registered with RBI to commence the business. It can engage in the business of loans and advances, acquisition of shares - stocks -bonds - debentures - securities issued by Government or local authority or other marketable securities of similar nature, leasing, hire-purchase, insurance business, chit business etc., A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in instalments by way of contributions or in any other manner. NBFC applying for Licence should have minimum net owned funds of Rs.2 crores. NBFC cannot accepts demand deposits.