According to a popular website, there are 300+ Non-Banking Financial Companies in Chennai as of today. Even with these, the requirement of finance of small-time companies and enterprises has been increasing multifold creating space for more Non-Banking Financial Services Companies or NBFCs in Chennai.
The Non-Banking Financial Companies have an edge over the traditional banks since the banks have a strict formula for deciding the credit-worthiness of any individual, company or entity. NBFCs, on the other hand, have a more liberal approach towards providing loans and even cater to the needs of the small time entities.
Thus, it shall be correct to state that the scope of NBFCs in Chennai is every growing.
For an NBFC in Chennai to become operational, it requires to obtain a Certificate of Registration (CoR) from the Reserve Bank of India. For making an application of CoR to the Reserve Bank of India, the entity must comply with following:
NBFCs are classified in various different manners:
The requirements, information to be provided with the application form and documents to be submitted with the hard copy differ as per the type of Non-Banking Financial Company decided to be incorporated.
What are the documents required to be submitted to the Reserve Bank of India?
Following are few documents which are required to be submitted along with many others. A Consultant is always better to be approached for such a procedure as it ensures no important information or documents is left behind.
The procedure of obtaining the CoR from the RBI though looks simple but is more complex than it appears. There are many details that require special attention like a business plan, the documentation of the directors etc. Efforts have to be put in to ensure that the application and the documents that accompany should be such that they pass the high parameters set by the Reserve Bank of India.
Also, one must be able to make an end to end follow up with the RBI for the status of the application.
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