NBFC stands for non banking financial company which means an institution other than a bank which provides banking services. Such company has to be registered under the Companies Act 1956. Besides that, in order to become a NBFC, the company needs to get itself registered with RBI. Section 45-IA of the RBI Act, 1997 mandates such registration. NBFCs are restricted to take deposits from public and have to manage for alternate solutions to fund their operations. NBFCs having a valid certificate of registration with authorization to receive public deposits alone can accept public deposits. If there is any default in repayment of deposit by the NBFC, the depositor has an option either to approach Company Law Board or consumer forum or to approach a civil court to redress his grievances.
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NBFCs generally offer all kind of banking services i.e. educational loan, loan for physical assets, retirement planning, gold loan, loan for property etc. But this does not include institutions whose primary business is that of Industrial, Agricultural or construction Activity. Over the past few decades, NBFCs have made themselves an essence of banking industry.
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Registration Process:
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In order to register a company as non banking financial company, the company needs to file an application in a prescribed format along with the prescribed fees which can be downloaded from the website of Reserve Bank of India along with the forms NBS-4, NBS-5, NBS-1, From- NBS-1A, Form- NBS-2, Form NBS-3, Form NBS-3A and Form Schedule-A along with other forms depending on the type of company you want to register yourself as.
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All these documents are to be filed in duplicate. After the scrutiny of all the submitted documents as well the application, if the bank finds the company fit for registering the company as NBFC, certificate is granted to such company. Generally, the NBFCs which are registered with RBI are divided in four classes i.e. equipment leasing; hire purchase company; loan company and investment company.
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