We give NBFC registration facilities in Sri Krishna Puri 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 agreement with registration or concentration but we also have the funds for after registration services at affordable prices that makes it easy for entities to start there affect in a hassle free manner.
WHAT IS A NBFC?
Non Banking Financial Company is just taking into consideration bank, registered under Companies Act of India and having a legitimate license issued by the Reserve Bank of India. NBFCs are vigorous in the issue of loans, advances, accepting deposits, insurance, asset management and new financial attributable as allowed by the Reserve bank of India.
RESTRICTIONS ON NBFCs.
A Non Banking Financial Company cannot put going on with following transactions as prohibited by the Reserve Bank of India:
- A NBFC cannot accept demand deposits.
- NBFC cannot matter 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 lonesome if its principal business involves financial activities. In order to cut off any secrecy the departments has clarified that for a company financial ruckus shall be considered as principal upheaval if:
- Financial Assets contribute 50% or more of the sum assets
- And income from financial assets contribute 50% or more of the total gross income.
This exam is popularly known as 50-50 test for NBFC.
COMPANIES INVOLVED IN FINANCIAL ACTIVITIES BUT ARE NOT LIABLE TO TAKE LICENSE OF NBFC FROM RBI:
Some companies committed in financial undertakings are not required to apply for or come by NBFC license form the Reserve Bank of India this is because of the fact that they are physical 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 under Companies Act, 2013.
- Company if already dynamic in financial sector must have official 50-50 test as prescribed for NBFCs
The company must have a minimum Net Owned Funds of Rs. 2 crores.