Being a part of National Capital Region, the Noida region has gained a fair share of economic development. With the economic development arises the need to finance the economic activities and promote growth. The first thought that comes to mind is to approach Banks, but there are many who cannot approach the banks for loans or are not approved by the banks as profitable debtors. It is due to these shortcomings of the banks that the Non-Banking Financial Companies have established themselves and are operating successfully all over the country.
Similarly, the scope of NBFCs in Noida is grown multifold in the last few years and is on a rise.
NBFCs have been classified by Reserve bank of India as follows according to the principal business the entity carries on and what market it targets for its financial transactions:
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.
For NBFC registration in Noida, one must be aware of all the documents to be submitted and also the procedure that follows.
The following eligibility must be met for the applying for NBFC in Noida:
Upon fulfillment of the above two criteria, the applicant becomes eligible for making an application to the Reserve Bank of India for Certificate of Registration to operate as an NBFC.
For making an application, one has to use the secured official portal of RBI, supply the required information online and submit a physical copy to the RO of the Reserve Bank of India. For the purpose of NBFC Registration in Noida, the Regional Office situates in Delhi.
The suitable form as per the type of NBFCs (NBFC-IDB, NBFC-Factor etc) must be filed up carefully filled up and duly uploaded.
The applicant shall then receive a Company Application Reference Number for checking the status of the application in future.
The applicant must then submit the hard copy of the application form to the concerned Regional Office.
The applicant then must remain prompt on staying updated on the status of the application with the RBI making regular follow-ups.
The documents to accompany the application differ as per the type of the NBFC. A list has been provided by the RBI yet it is preferred that you reach an NBFC expert for obtaining a detailed list of documents and other requirements to be followed by the applicant company.
Though the process in whole looks simply yet one must be aware that the Reserve Bank of India has strict standards and guidelines which it utilizes to control the standards of Non-Banking Financial Company.
Watch these videos about NBFC Registration in Noida:
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