The Reserve Bank today simplified the registration process for Non-Banking Financial Companies by introducing a common application form for various types of NBFCs.
"Now, there will be a common application form for Non- Banking Financial Companies (NBFCs), Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs), NBFC-Factors and Infrastructure Development Finance- Non-Banking Financial Companies (IDF-NBFCs)," RBI said in a statement.
As per the existing norms the documentation required for registration also differs as the businesses of the various types of NBFCs vary.
The application form for Core Investment Companies (CICs) has been redesigned with two checklists of documents.
The checklists mentioned are indicative and not exhaustive, RBI said.
Further, while converting from an already registered NBFC to IFC/ MFI/ Factor, the company can simply make an application for conversion on its letterhead accompanied by the original certificate of registration and all the documents as given in the checklist, it said.
"The Reserve Bank can, if necessary, call for any further documents to satisfy itself on the eligibility for obtaining registration as NBFC," it added.
