Non-banking Financial Company (NBFC) is a legal institution working like a bank but without a banking license. A NBFC can engage in all activities including loans, advances and other money market but except receiving deposits from public. All those financial institutions those are defined under the New Companies Act, 2013 can apply to get a NBFC registration certificate under the Reserve Bank of India. Non-Banking Financial Company (NBFC) registration is extremely important to work as a NBFC for public in India. These days, these institutions are widely popular among both common people and upper section of the society as they can get abundant financial help from these non banking financial institutions. A NBFC can be a micro financial institutions or a society which is actively helping out people in the matter of providing business loans and personal loans and advances for their business purposes and personal purposes.
Registration of NBFC is the very first step for all aspiring financial institutions those are wishing to work in this field. Online NBFC registration has been extensively popular among all as it's really easy and simple if one adopts certain steps and procedures. Any company or financial institution want to get the NBFC registration certificate needs to get registered under the New Companies Act, 2013 and then apply to the Reserve Bank of India in order to get NBFC registration certificate. As per the Reserve Bank of India rules and regulations, company's financial assets should be more than 50% of its total assets and income before applying for NBFC registration as per the law. The chapter iiiB of Reserve Bank of India Act 1934 defines all rules and regulations relating NBFC registration if one qualifies all eligibility criteria's. It should be a financial institution under the companies act and should involve with receiving and lending money to common people.