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The Non-Banking Financial Companies (NBFCs) are the financial institutions that offer the banking services, but does not comply with the legal definition of a bank, i.e. it does not hold a bank license. The non-banking financial companies are registered under the Companies Act, 1956 and deals in the business of loans and advances, investments in bonds/shares/debentures/stock and other marketable securities Viz. Lease, hire-purchase, insurance business, but do not include any institution which is principally engaged in the business of agricultural activity, purchase of any goods and services (other than securities), industrial activity and sale/purchase/construction of immovable property.
The NBFCs are allowed to accept/renew public deposits for a minimum period of 12 months and maximum period of 60 months. They cannot accept deposits repayable on demand.
NBFCs cannot offer interest rates higher than the ceiling rate prescribed by RBI from time to time. The present ceiling is 12.5 per cent per annum. The interest may be paid or compounded at rests not shorter than monthly rests.
NBFCs cannot offer gifts/incentives or any other additional benefit to the depositors.
NBFCs (except certain AFCs) should have minimum investment grade credit rating.
The deposits with NBFCs are not insured.
The repayment of deposits by NBFCs is not guaranteed by RBI.
There are certain mandatory disclosures about the company in the Application Form issued by the company soliciting deposits.
1. Certified Copies of the Certificate of Incorporation of the Company.
2. Certified Copies of Main Object Clause of the MOA of the Company.
3. Board Resolutions Stating the Following
(a). The Company undertakes that it is not carrying on any NBFC activity or has not carried on and stopped any NBFC activities in the past activity and will not carry on or commence the same before getting registration from RBI.
(b). The Unincorporated bodies in the group where the director holds substantial interest or otherwise.
i. Which has not accepted any public deposits in the past, and
ii. Does not hold any Public Deposit as on the date of application.
iii. Will not accept any public deposits in the future.
iv. The “Fair Practices Code” as per RBI Guidelines has been formulated by the Company.
(c). The Company :
i. has not accepted public funds in the past and /or does not hold any public fund as on the date, and
ii. the Company will not accept any deposits in the future without the prior approval of Reserve Bank of India.
(d). The Company Shall seek prior approval of RBI before creating any customer interface in the future.
4. Copy of Fixed Deposit Receipt & Bankers Certificate indicating Net Operating Fund.
5. The companies which are already in existence the following documents are to be submitted for the last
3 years OR from the period of incorporation of the Company till the closure date of the previous financial year:
a. Audited balance sheet along with annexures
b. Profit & Loss statement
c. Directors Report
d. Auditors report
6. Banker’s report regarding:
a. Directors of the applicant company having substantial interest in any other companies b. Applicant company along with the directors of its group, subsidiary, associate, holding company and related parties. c. The Banker’s report should be about the dealings of these entities with these bankers as a depositing entity or a borrowing entity. Note: Bankers report is to be obtained from all the bankers of each of these entities. This report should specifically mention the details of deposits and loans balances as on the date of application and the conduct of the account.
7. Copy of the certificate of highest educational and professional qualification in respect of all the directors
8. Copy of experience certificate, if any, in the Financial Services Sector (including Banking Sector) in respect of all the directors
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