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Micro Finance Registration


Micro Finance Institution (MFI) is a non-deposit taking NBFC (other Than a company licensed under section 8 of the Companies Act. 2013)


NBFC performs banking at small level as a bank does. MFI Exist at very small level than NBFC.


MFI stands for Micro Finance Institutions are providing similar lending services as NBFC to the poor and weak sections of the society who do not have access to regular banking facilities. MFI Provides small loan amount Rs. 10,000 to 20,000 to start a business.


India is world No.2 fastest growing economy with a large population. Government banks and private sector banks can not open their branch in every village. Though, Indian banks have increased their presence but still have limited reach in remote areas. Micro fiancé institutions (MFI) mainly working in villages / remote area to empower farmers and small business in villages.


NBFC is to be registered NBFC-MFI the minimum paid-up capital should be not less than Rs. 5 crores. If an NBFC-MFI registered in North-east region of the India the minimum paid capital requirement is only Rs. 2 Crore. NBFC-MFI has to maintain 85% as Qualifying assets all the time.



WHAT IS INCLUDED IN OUR PACKAGE?


  • Name Approval From RBI


  • Micro finance Company Registration


  • Micro Finance Business Plan


  • Micro Finance License from RBI




PROCEDURE FOR MICRO FINANCE REGISTRATION?

Complete our Micro Finance Form

The first step is to form a new Public Limited Company under the Companies Act

START >>

Minimum Net Owned Fund

NOF should be Rs. 500 Lac After the incorporation of a new Company in the form of Equity share capital.

30 WORKING DAYS >>

The Opening Of A Bank Account

The amount which is received post incorporation of the company shall be deposited in a bank account as Fixed Deposit and its must be free from all aliens.

30 WORKING DAYS >>

Application To RBI

Application to RBI for Business Operations

25 WORKING DAYS >>

Your Micro Finance Company is now Ready

RBI will conduct due diligence and will issue certificate of commencement of business.

Congratulations

DOCUMENTS REQUIRED FOR MICRO FINANCE REGISTRATION?

  • Certified copy of up-to-date Memorandum and Articles of Association of the Company.
  • Certified copy of up-to-date Memorandum and Articles of Association of the Company.
  • Copy of Aadhaar Card/ Voter identity card of directors
  • Banker's Report in a sealed envelope.
  • Auditors report about receipt of minimum net owned fund.
  • A certificate of Chartered Accountant regarding details of group/associate/subsidiary/holding
    companies along with details of investments in other NBFCs as shown in the Performa Balance Sheet.

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