The Reserve Bank of India has brought in drastic changes in the registration process of non-banking financial companies with an aim to make the registration process smoother and hassle-free. RBI said 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, it said. Now there will be two types of applications for non-deposit accepting NBFCs, based on sources of funds and customer interface. The applications for new NBFCs need to be submitted to the RBI’s non-banking regulation department in Mumbai. However, RBI cleared that it may call for more documents if necessary to satisfy itself on the firm’s eligibility to seek registration as an NBFC, following which the company must respond within a month.
