Reserve Bank of India (RBI)Simplifies Registration Of New Non-Banking Financial Companies(NBFC)Friday June 17,2016

The Reserve Bank of India on Friday June 17,2016 simplified the registration process for new non-banking financial companies (NBFCs).

"The application form for the registration of new NBFCs has been revised to make the process smoother and hassle-free.

The number of documents to be submitted by the NBFC applicants has also been reduced from existing 45 to 7-8," the RBI said in a statement in New Delhi

Henceforth, there will be two types of applications for non-deposit accepting NBFCs, based on sources of funds and customer interface, the statement said.

The applications for new NBFCs need to be submitted to the RBI's Non-banking Regulation Department in Mumbai, it said.

However, the RBI may, if necessary, call for more documents to satisfy itself on the firm's eligibility to seek registration as an NBFC, following which the company must respond within a month, it added.