Get Your NBFC Registered with eFileSeva | We Help You Do It Right!
Running a non-banking financial business in India is a regulated activity governed by Chapter III-B of the RBI Act, 1934 — Section 45-IA mandates that no company shall commence or carry on the business of a non-banking financial institution (NBFC) without obtaining a Certificate of Registration (CoR) from the Reserve Bank of India. A valid registration requires a company incorporated under the Companies Act, 2013 with NBFC activity as its main object, a Net Owned Fund (NOF) of at least ₹2 crore (₹10 crore for a deposit-taking NBFC), a bankable business plan with 3-year projections, and an application in Form NLR filed with the RBI's regional office. eFileSeva helps promoters get registered legally and compliantly — from company incorporation and NOF structuring to the RBI application, certificate of registration, and post-approval compliance.
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Key Details for NBFC Registration
eFileSeva provides complete assistance for NBFC registration — choosing the right NBFC category and RBI layer, incorporating the company with NBFC objects, structuring the Net Owned Fund, preparing the business plan and Form NLR application, and completing every post-approval requirement — across all categories and RBI regional offices in India.
| # | Topic | Details |
|---|---|---|
| 1 | Choose the Right Category | Selecting the correct category is the first step — Asset Finance, Loan Company, Investment Company, NBFC-MFI, Infrastructure Finance, Core Investment Company, or a platform category such as P2P or Account Aggregator. eFileSeva helps you choose based on your business model and intended asset profile. |
| 2 | Registration Timeline |
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| 3 | Registration Cost | The cost comprises MCA incorporation fees (₹2,000–₹5,000 plus state stamp duty), DSC and professional fees. The RBI charges no application fee for the Form NLR. The key requirement is capital — a minimum Net Owned Fund of ₹2 crore (₹10 crore for a deposit-taking NBFC). eFileSeva provides transparent pricing with no hidden charges. |
| 4 | NOF & Prudential Norms | Net Owned Fund (NOF) = paid-up equity capital + free reserves − accumulated losses − deferred revenue expenditure − intangible assets. Post-registration, the NBFC must maintain a CRAR (Capital to Risk-Weighted Assets Ratio) of at least 15% (30% for a systemically important Core Investment Company), with RBI-prescribed leverage, liquidity and provisioning norms. |
| 5 | Deposit-Taking vs Non-Deposit-Taking | Most new NBFCs are non-deposit-taking (NBFC-ND). A deposit-taking NBFC (NBFC-D) additionally requires a minimum NOF of ₹10 crore, an investment-grade credit rating, CRAR of 15%, and RBI's specific permission. An NBFC can accept only term deposits — never demand deposits. |
| 6 | Key Sections & Rules | Section 45-IA (registration), Section 45-IB (maintenance of liquid assets), and Section 45-IC (reserve fund) of the RBI Act, 1934. RBI's Master Directions — on KYC (2016), NBFC prudential norms, and the Scale-Based Regulation (SBR) framework effective October 2022 — govern operations after registration. |
| 7 | Scale-Based Regulation (SBR) | Under the SBR framework, NBFCs are graded into layers based mainly on asset size: Base Layer (BL) — non-deposit-taking NBFCs with assets below ₹1,000 crore; Middle Layer (ML) — assets of ₹1,000 crore or more, or deposit-taking NBFCs; Upper Layer (UL) — the top 10% of Middle Layer NBFCs identified by RBI; and an empty Top Layer (TL). Higher layers carry stricter norms. |
| 8 | Post-Approval Services |
After the CoR, eFileSeva assists with:
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*Timelines may vary depending on the completeness of the application, RBI's regulatory scrutiny, and MCA processing.
NBFC Registration in India: Everything You Need to Know
Register Your NBFC Legally & Compliantly
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013 that carries on the business of loans and advances, acquisition of shares, stock, bonds and debentures, leasing, hire-purchase, insurance, or chit business — but whose principal business is not agriculture, industrial activity, the sale/purchase of goods, provision of services, or dealing in immovable property. Under Section 45-IA of the RBI Act, 1934, no company may commence or continue NBFC business without a Certificate of Registration (CoR) from the Reserve Bank of India.
The route to a CoR begins with incorporating a company whose main object is NBFC activity, with sufficient paid-up equity capital. The company must then ensure a Net Owned Fund (NOF) of at least ₹2 crore (₹10 crore for a deposit-taking NBFC), prepare a business plan with 3-year financial projections, and obtain a CA-certified NOF certificate and the KYC of all directors and promoters. The application is then filed in Form NLR — through the RBI's COSMOS portal — with the regional office of the Department of Non-Banking Supervision, supported by the certificate of incorporation, MOA & AOA, projected financials, board resolution, and declarations.
RBI scrutinises the application, may seek clarifications or conduct a regulatory review, and on approval issues the Certificate of Registration. The NBFC must then commence business within 6 months (unless extended), maintain CRAR of at least 15%, comply with the KYC Master Direction and prudential norms, become a member of a Credit Information Company, and file quarterly and annual returns (NBS-7, NBS-1, ALM) through COSMOS. Deposit-taking, foreign investment, and the Scale-Based Regulation (SBR) layers bring additional conditions. Non-compliance attracts penalties and, in serious cases, cancellation of the CoR.
eFileSeva helps you choose the right category, incorporate the company, structure the NOF, prepare the business plan and Form NLR, coordinate with RBI, and set up post-approval compliance — making your NBFC registration simple, fast, and fully compliant.
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"eFileSeva made our NBFC registration quick, transparent, and stress-free. Their experts handled the incorporation, NOF structuring, and RBI application professionally and kept us informed throughout."
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Disclaimer
eFileSeva is a professional corporate compliance consultancy and service provider. We are not the Reserve Bank of India, the Ministry of Corporate Affairs, or the Registrar of Companies and do not issue Certificates of Registration or approve NBFC applications. All registrations, approvals, and acknowledgements are issued solely by the RBI, MCA, ROC, and the respective government authorities. Our role is to assist clients with consultation, documentation, application filing, and end-to-end process support.
Types of NBFCs You Can Register
Each NBFC category serves a different business model and carries distinct prudential rules. The correct category depends on the activity you intend to carry on and the assets you will hold. eFileSeva helps you identify the correct category and complete the registration with expert guidance.
Asset Finance Company (AFC)
A company whose principal business is financing of physical assets supporting productive or economic activity — machinery, vehicles, equipment, and industrial goods — such as a vehicle finance or equipment leasing company.
Learn MoreLoan Company (LC)
A company whose principal business is providing loans and advances that are not covered by any other category — business loans, personal loans, gold loans, MSME finance, and working-capital funding.
Learn MoreInvestment Company (IC)
A company whose principal business is the acquisition of securities — shares, stock, bonds, debentures, and government or local authority securities — for investment and sale, rather than lending.
Learn MoreMicrofinance (NBFC-MFI)
An NBFC engaged in microfinance lending — small-ticket loans to low-income households — under RBI's microfinance framework, with the prescribed minimum NOF and prudential norms for the segment.
Learn MoreCore Investment Company (CIC)
An NBFC holding at least 90% of its assets in equity shares, preference shares, or debt of group companies, for business of holding and investment. Systemically important CICs (CIC-ND-SI) require CoR with the prescribed NOF, asset-size and CRAR norms (30%).
Learn MoreInfrastructure Finance & Platforms
NBFC-IFC for financing infrastructure (at least 75% of assets), NBFC-P2P for peer-to-peer lending platforms, NBFC-AA for account aggregator services, and NBFC-Factor for trade receivables discounting — each with its own RBI framework and minimum capital requirements.
Learn MoreNot Sure Which NBFC Category Applies to You?
eFileSeva's experts will help you choose the most suitable category based on your business model, the assets you intend to hold, and RBI's current regulatory framework.
Get Free ConsultationEligibility / Minimum Requirements
Before registering an NBFC, you must meet a few basic eligibility and procedural requirements. eFileSeva helps you verify these requirements and complete the registration without delays.
Company with NBFC as Main Object
The company must be incorporated under the Companies Act, 2013 with NBFC activity as its main object (the CIN must reflect a financial-services activity), with at least two directors and a registered office in India. A sole proprietorship, partnership firm, or LLP cannot hold an NBFC CoR.
Net Owned Fund (NOF) of ₹2 Crore
The minimum NOF is ₹2 crore (₹10 crore for a deposit-taking NBFC; higher thresholds apply to certain categories such as systemically important CICs). NOF = paid-up equity capital + free reserves − accumulated losses − deferred revenue expenditure − intangible assets. Preference share capital and borrowings do not count.
Fit & Proper Promoters and Directors
Every promoter and director must be fit and proper — with a clean record, relevant financial-sector experience, and complete KYC (PAN, Aadhaar/passport, address proof, and photographs in prescribed format), along with declarations and board resolutions supporting the application.
Business Plan & 3-Year Projections
A detailed business plan — the lending/investment model, target segments, funding plan, and projected financial statements for 3 years — is required to demonstrate viability and capital adequacy to RBI, along with a CA-certified NOF certificate.
Systems, KYC & AML Framework
The company must have board-approved policies — KYC/AML, risk management, internal audit, and accounting systems — plus the infrastructure and personnel to run a regulated financial business before the application is filed.
Form NLR Application & RBI Scrutiny
The application in Form NLR is filed through the RBI's COSMOS portal with the regional office of the Department of Non-Banking Supervision, with the prescribed enclosures. RBI scrutinises the application, may seek clarifications, and conducts a regulatory review before issuing the CoR.
Post-CoR Conditions
After the CoR, the NBFC must commence business within 6 months, maintain CRAR of at least 15%, comply with the KYC Master Direction, become a member of a Credit Information Company, file quarterly/annual returns through COSMOS, and submit to RBI's statutory inspection.
Ready to Register Your NBFC?
eFileSeva's experts will help you choose the right category, structure the NOF, and complete your RBI registration quickly and compliantly.
Get Started TodayDocuments Required for NBFC Registration
The required documents may vary depending on the NBFC category and the applicant's profile. eFileSeva helps you verify and prepare all the necessary documents for a smooth registration.
Company & Registration Documents
- Certificate of Incorporation (CIN with NBFC activity)
- Memorandum & Articles of Association (main object: NBFC business)
- Registered office address proof (NOC, rent agreement, utility bill)
- Class-3 DSC of all directors / authorised signatories
- Board resolution authorising the RBI application
Financial Documents
- CA-certified Net Owned Fund (NOF) certificate
- Capital account statement / bank confirmation of paid-up capital
- Projected financial statements for 3 years (balance sheet, P&L, cash flow)
- Capital adequacy & funding plan for the first 3 years
- Audited financials of the promoters / group companies (if any)
Management & Governance Documents
- KYC of promoters & directors (PAN, Aadhaar / passport, photographs)
- Fit-and-proper declarations & officer/employee personal declarations
- Detailed business plan & organisational structure
- Details of group companies and shareholding pattern
- Regulatory approvals / NOCs, if the sector requires them (incl. FEMA for foreign investment)
RBI Application & Post-Approval
- Form NLR — Application for CoR (via COSMOS) with schedules
- Undertakings & declarations filed with the CoR application
- Certificate of Registration (CoR) — issued by RBI on approval
- CRAR, KYC/AML policy setup & CIC membership (CRIF / CIBIL / Experian / Equifax)
Pro Tip
First decide the category and RBI layer (BL/ML) before incorporating — the main objects, capital structure and business plan must match the category. Incorporate with paid-up equity capital comfortably above ₹2 crore because NOF is measured after intangible assets and losses, and preference shares or borrowings do not count. Get the NOF certificate from a CA in practice in the format RBI expects, keep every director's KYC in order, and file the Form NLR through COSMOS only when the business plan, 3-year projections and policy documents are complete — incomplete applications are the biggest cause of RBI queries and delays. Post-approval, commence business within 6 months of the CoR and set up the quarterly NBS-7 / NBS-1 return calendar immediately.
Timeline for NBFC Registration
eFileSeva simplifies NBFC registration with expert guidance at every stage. While timelines may vary depending on document readiness and RBI's regulatory scrutiny, the following is a typical journey.
Incorporation & Capital Structuring
We incorporate the company under the Companies Act, 2013 with NBFC as the main object, structure the paid-up capital for an adequate NOF, and set up the registered office and governance skeleton.
Business Plan, NOF & Documentation
We prepare the business plan with 3-year projections, obtain the CA-certified NOF certificate and board resolutions, and compile the KYC, policy and governance documents in RBI's format.
Form NLR Filing & RBI Appraisal
We file the Form NLR application through the COSMOS portal with the RBI regional office and handle clarifications, queries, and any regulatory review during RBI's scrutiny.
CoR & Post-Approval Compliance
RBI issues the Certificate of Registration. We then set up commencement, CRAR, KYC/AML and return-filing compliance, and the Credit Information Company membership.
Estimated Registration Time
A new NBFC registration generally takes 4–7 months* from start to CoR — incorporation in 7–10 working days, capital & documentation in 2–3 weeks, and RBI processing of the Form NLR in typically 3–6 months. Timelines may vary depending on application completeness and RBI's regulatory scrutiny.
Process to Register an NBFC in India
Registering an NBFC involves more than just filing an application. From incorporation with the right objects to NOF structuring, business planning, the RBI application, and post-approval compliance, eFileSeva provides complete support at every stage of your registration.
Category Selection & Company Incorporation
We confirm the right category (AFC, LC, IC, MFI, CIC, platform) and RBI layer, then incorporate the company with NBFC as the main object — CIN reflecting the financial-services activity, registered office, DSCs, and the board structure in place.
Capital Infusion & NOF Certification
We infuse and structure the paid-up equity capital to achieve a Net Owned Fund of ₹2 crore or more, obtain the bank confirmation, and get the NOF certificate from a CA in practice in the format prescribed for the RBI application.
Business Plan & Application Preparation
We prepare the detailed business plan, 3-year projected financials, board-approved policy documents (KYC/AML, risk, audit), the fit-and-proper and KYC files of directors, and the complete Form NLR schedule with all enclosures.
Form NLR Filing & RBI Scrutiny
We file Form NLR through the COSMOS portal with the RBI regional office (DNBS), track the application, respond to clarifications, and support any regulatory review or interaction requested by RBI.
CoR & Post-Approval Compliance
On RBI approval we help you receive the Certificate of Registration, commence business within 6 months, and set up CRAR maintenance, KYC/AML operations, CIC membership, COSMOS return filing (NBS-7, NBS-1, ALM), and the annual audit and RBI inspection readiness.
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Filings & Registrations Related to an NBFC
Depending on your category and investor profile, you may need other filings alongside the RBI application. eFileSeva helps you identify and complete the actions applicable to your company.
| Filing / Registration | When It May Apply | Applicable Law / Authority |
|---|---|---|
Company Incorporation (CIN)SPICe+ / INC forms — MCA |
The first step — a company (typically a private limited company) is incorporated with NBFC activity as its main object, before any RBI application is made. The CIN must reflect the financial-services business activity. | Registrar of Companies Companies Act, 2013 |
Form NLR — Application for CoRNBFC Registration Application |
Filed with the RBI's regional office (Department of Non-Banking Supervision) after the NOF of ₹2 crore is in place, with the business plan, CA-certified NOF certificate, projections, and KYC of directors. No RBI application fee applies. | Reserve Bank of India Section 45-IA, RBI Act, 1934 |
Certificate of Registration (CoR)RBI Approval |
Issued by RBI on approval of the Form NLR — the CoR is the licence to carry on the business of an NBFC. Without it, commencing or continuing NBFC business attracts penalties under Section 45-IA. | Reserve Bank of India Section 45-IA(7) & (8), RBI Act, 1934 |
Periodic Returns (NBS-7, NBS-1, ALM)Quarterly & Annual Filing with RBI |
From the first year of operations, the NBFC files quarterly and annual returns through the RBI's COSMOS portal — NBS-7 (quarterly), NBS-1 (annual), and ALM returns — along with the statutory auditor's report and prudential compliance details. | Reserve Bank of India RBI Master Directions |
Credit Information Company MembershipCRIF / CIBIL / Experian / Equifax |
A registered NBFC is a credit institution and must become a member of at least one Credit Information Company within the prescribed period, and report borrower data as required under the CIC framework. | RBI / Credit Bureaus Credit Information Companies (Regulation) Act, 2005 |
PAN / TAN, GST & FEMA FilingsTax & Foreign Investment Reporting |
After incorporation, the company obtains PAN, TAN, and GST registration as applicable. Where there is foreign investment, the NBFC must comply with the FDI policy conditions and FEMA reporting (100% automatic route is available for most NBFC activities). | CBDT / CBIC / RBI Income-tax Act, 1961 & FEMA, 1999 |
NBFC vs Bank: What's the Difference?
An NBFC and a bank both lend and invest, but they are very different institutions. Compare the key differences below to understand what an NBFC can and cannot do.
| Feature | Bank | NBFC |
|---|---|---|
| 1. Governing Law | Banking Regulation Act, 1949 and RBI Act, 1934; licensed by RBI as a bank. | Companies Act, 2013 (incorporation) and RBI Act, 1934 (Chapter III-B — registration under Section 45-IA). |
| 2. Demand Deposits | Can accept demand deposits — savings and current accounts — with DICGC insurance up to the prescribed limit. | Cannot accept demand deposits; a deposit-taking NBFC (NBFC-D) may accept only term deposits with RBI permission, and no deposit insurance applies. |
| 3. Payment System & Cheques | Part of the payment and settlement system; can issue cheques and demand drafts drawn on itself. | Not part of the payment and settlement system; cannot issue cheques drawn on itself or offer remittance facilities. |
| 4. CRR / SLR | Required to maintain CRR and SLR with RBI. | No CRR / SLR requirement (but must maintain liquid assets and prudential liquidity norms; NBFC-D also maintains a statutory liquid asset ratio). |
| 5. Capital Adequacy | CRAR of at least 9% (statutory minimum), generally maintained much higher. | CRAR of at least 15% (30% for a systemically important CIC), with minimum NOF of ₹2 crore. |
| 6. Deposit Insurance | Deposits insured by the DICGC. | No deposit insurance — depositor protection rests on prudential norms and the NBFC's own strength. |
| 7. Lending Freedom | Bank credit is subject to priority-sector norms, interest-rate and exposure regulations. | Greater flexibility in lending and pricing, subject to RBI's prudential norms, provisioning, and prescribed fair-practices rules. |
| 8. Access to RBI Refinance | Access to RBI's Liquidity Adjustment Facility, refinance windows, and the lender-of-last-resort support. | No access to RBI refinance; funding comes from investors, lenders, and (for NBFC-D) term deposits. |
Not Sure Whether an NBFC Is the Right Vehicle for You?
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Talk to an ExpertFrequently Asked Questions
Find answers to common questions about NBFC registration and maintaining compliance with eFileSeva.
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