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Registering NBFCs to become simpler- (Reserve Bank of India) (17 Jun 2016)

Banking

The Reserve Bank of India resolved to simplify and rationalise the process of registration of new Non-Banking Financial Companies.

It announced that down from an earlier 45 documents to be submitted, 8 documents will suffice - though the Bank may call for additional documents as it deems fit.

The process has been bifurcated depending on whether the NBFC seeks to harness public funds and has or intends to have a customer interface. NBFCs avoiding contact with the public will be able to avail of the ‘fast track mode’, and be subject to less intensive scrutiny.

Tags : NBFC REGISTRATION SIMPLIFIED PROCESS PUBLIC FUNDS

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