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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