We meet the expense of NBFC registration services in Patna City at affordable price and within a limited mature frame of 90 days. We have incorporated and are aiding various NBFCs in Bihar and Jharkhand, we not only treaty with registration or assimilation but we also meet the expense of after registration services at affordable prices that makes it easy for entities to start there feat in a hassle clear manner.
WHAT IS A NBFC?
Non Banking Financial Company is just like bank, registered below Companies Act of India and having a genuine license issued by the Reserve Bank of India. NBFCs are in action in the matter of loans, advances, accepting deposits, insurance, asset supervision and extra financial attributable as allowed by the Reserve bank of India.
RESTRICTIONS ON NBFCs.
A Non Banking Financial Company cannot receive following transactions as forbidden by the Reserve Bank of India:
- A NBFC cannot take demand deposits.
- NBFC cannot issue cheque in its own name
- Depositors of NBFCs are not covered by depositors Insurance.
WHEN DOES A COMPANY BECOMES LIABLE TO APPLY FOR NBFC LICENSE?
A company is required to buy license for RBI for NBFC registration by yourself if its principal concern involves financial activities. In order to cut off any mystery the departments has clarified that for a company financial objection shall be considered as principal upheaval if:
- Financial Assets contribute 50% or more of the total assets
- And pension from financial assets contribute 50% or more of the total gross income.
This test is popularly known as 50-50 exam for NBFC.
COMPANIES INVOLVED IN FINANCIAL ACTIVITIES BUT ARE NOT LIABLE TO TAKE LICENSE OF NBFC FROM RBI:
Some companies effective in financial undertakings are not required to apply for or attain NBFC license form the Reserve Bank of India this is because of the fact that they are being governed by extra laws or enactments. Some of these companies are:
- NIDHI Company – Regulated by Companies Act, 2013
- Housing Finance Companies – Regulated by the National Housing Bank
- Mutual Funds – Regulated by Securities and Exchange Board of India
- Insurance Companies – Regulated by Insurance Regulatory and Development Authority of India (IRDA)
- Stock Broking – Regulated by Securities and Exchange Board of India
ELEGIBILITY CRITERIA FOR APPLYING FOR A NBFC LICENSE IN INDIA.
- The entity must be a company either Private Limited or Public Limited registered below Companies Act, 2013.
- Company if already functioning in financial sector must have ascribed 50-50 exam as prescribed for NBFCs
The company must have a minimum Net Owned Funds of Rs. 2 crores.