Microfinance Company Registration

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Microfinance Company Registration
Enterslice.com
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Microfinance Company Registration
Enterslice.com
About Us
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Company that helps entrepreneurs start and manage
their business in India. Whether you are starting
a new business or already an established firm,
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development to hands-on implementation, we help
Entrepreneurs achieve long-term growth.
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Microfinance Company Registration
Enterslice.com
What is an NBFC-MFI?
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.
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Microfinance Company Registration
Enterslice.com
Procedure for NBFC-MFI Registration
1. Company Registration The first step is to form
a new Public Limited Company under the Companies
Act.
2. Minimum Net Owned Fund NOF should be Rs. 500
Lac After the incorporation of a new Company in
the form of Equity share capital. The Capital to
be raised after incorporation of a company here
should be Equity Share Capital and not Preference
Share Capital.
3. 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.
4. Application to RBI Application to RBI for
Business Operations.
5. RBI gtRBI will conduct due diligence and will
issue certificate of commencement of business.
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Microfinance Company Registration
Enterslice.com
Documents Required

• 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.
• 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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Microfinance Company Registration
Enterslice.com
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Microfinance Company Registration
Enterslice.com
Contact Us
India Noida Branch E 57 Sector 63 Noida U.P.
201301 Uttar Pradesh
Phone-98106 88728
URL-https//enterslice.com/microfinance-company-r
egistration
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Microfinance Company Registration
Enterslice.com
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