How To Register As A Financial Institution
Introduction
The arrangement which is registered under companies act 2013 or 1956 and which facilitate financing activity such as loan, savings, and insurance to the needy people or to those who are incapable of getting a loan from banks and other financial institutions due to lack of proper facilities and documentations. Nosotros can say that these companies are a cluster of banking services to help run across the fiscal requirements of low-income people.
MFI is eligible to provide the loan or give credit up to 50,000 in the rural area and 1.25 lakh in the urban area to small businesses or to low-income people.
Non- Banking Finance Company (duly registered with RBI) and Section 8 company (no registration from RBI is required for this) are the two near ideal forms of business which tin can run as Micro Finance Institutions (MFIs)
Prerequisite and process of registration:
Pre-requisite and procedure of registration of MFI as NBFC (a visitor registered with RBI):
➲ Minimum net owned fund of two crores.
➲ Company should be registered nether companies deed 2013
➲ Obtain a certificate after making a stock-still deposit in the named company
➲ Get all the certified copy and complete the other RBI formalities.
➲ File online application
➲ Submit the application to RBI physically
Pre-requisite and procedure of registration of MFI through section 8 companies:
➲ Company should be registered nether companies act 2013, under section 8.
➲ Minimum 2 individuals who will act as the director of the company
➲ No net owned fund is required
➲ No RBI approval is required (The Reserve Bank of Republic of india through its primary circularRBI/2015-xvi/15 DNBR (PD) CC.No.052/03.ten.119/2015-sixteen Dated July 01 2015 has exempted all Sec 25 Companies engaged in microfinance activities.)
Documents required for registration
➲ Document of incorporation
➲ Certified copy of MOA stating financial activeness every bit its main objective and AOA of visitor.
➲ PAN and ID proof of directors/promoters
➲ Address proof for the registered part of companies.
➲ Audit study of the company (if the company is already existing)
➲ Bankers report
➲ Other documents as perform of the company getting registered.
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