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NBFC registration simplified

The Reserve Bank today has simplified the registration process for NBFCs by introducing a common application form for various types of such entities. The RBI said in a statement that henceforth there will be a common application form for NBFCs, NBFC-MFIs, NBFC-Factors and IDF-NBFCs. 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. 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, RBI said.

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