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A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013 of India, the main operations of NBFC include loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance or chit-fund, but they do not inclu
NBFCs or Non-Banking Financial Institutions are companies registered under the Companies Act, 2013 engaged in the business of providing financial services. They are financial intermediaries registered as companies, indulged in various financial services that range from providing loans and advances, accepting deposits, delivering credit, acquisition of shares, stocks, debenture, bonds, securities, hire-purchase insurance. and play an pivotal role in financial development of our economy. While the Indian financial system is dominated by banks, NBFC’s increase the financial inclusion of the corporate sector, facilitate credit to the unorganized sector & small and local borrowers by supplementing and posing competition to the banking sector in India.
The definition of NBFC doesn’t include any company engaged in the principal business of industrial activity, agricultural activity, purchase or sale of immovable properties or any other goods other than securities can not be an NBFC.
1. Investment & Credit Company (NBFC - ICC): (New Category)
In order to provide operational flexibility per the principle of activity-based classification, the RBI has, in a recent update, consolidated or harmonized 3 categories of NBFC’s Namely Loan Companies (LC), Asset Finance Companies (AFC) and Investment Companies, into a single Category named Investment and Credit Company (NBFC-ICC).
➲. Loan Company (LC)
Loan Company means a financial institution that is carrying out Loan disbursal to earn Interest income as its principal business, but it does not include an Asset Finance Company, an equipment leasing company, or a hire-purchase Company. A loan company can undertake the activities performed by a hire-purchase or leasing company. The nature of the business of a loan company, a hire-purchase company, a leasing company is similar, but the funding requirements for these companies are pretty different from each other.
➲. Investment Company (IC)
Investment Companies are those which carry out trading of securities on listed exchanges as a primary business and are also involved in NBFC operations.
➲. Asset Finance Company (AFC)
An Asset Finance Company (AFC) is a non-deposit taking NBFC which is involved in the primary business of financing of physical assets supporting productive/economic, like automobiles, tractors, lathe machines, cranes, generator sets, earthmoving and material handling equipment, moving on own power and general-purpose industrial machines as its principal business. The principal business is defined as aggregate of financing real/physical assets supporting economic activity and income arising from there is more or equal than 60% of its total assets and total income respectively.
2. Infrastructure Finance Company (IFC)
Infrastructure finance companies carry out financing of a minimum of three-fourths of their total assets in infrastructure loans. The Net Owned Funds (NOF) are more than 3 billion and a minimum crediting rating of 'A' with Capital to Risk-Weighted Assets Ratio is 15%.
3. Infrastructure Debt Fund: Non- Banking Financial Company (IDF-NBFC)
IDF-NBFC are companies registered as NBFC to facilitate the flow of long-term debt into infrastructure projects. IDF-NBFC raises resources through Multiple-Currency bonds of minimum 5-year maturity. Only Infrastructure Finance Companies (IFC) can sponsor IDF-NBFCs.
4. NBFC-Factors
NBFC Factors has the principal business of factoring. Factoring is a financial transaction and a type of debtor finance to provide the financial assistance now to cover the invoice amount to be collected at a later date.
5. Gold Loan NBFCs in India
Gold Loan NBFC carry out financing by keeping Gold as security from the customers. In recent years, gold loan NBFCs witnessed an upsurge in the Indian financial market, owing mainly to the appreciation in the gold price and consequent increase in the demand for the gold loan by all sections of society, especially the poor and middle-class society. Growth of gold loan NBFCs is seen both in terms of the size of their balance sheet and their physical presence which in turn compelled to increase their dependence on public funds including bank finance and non-convertible debentures. Aggressive structuring of gold loans resulting from the uncomplicated, undemanding, and fast process of documentation along with the higher Loan to Value (LTV) ratio includes some of the major factors that caused the growth of Gold loan NBFCs.
6. Micro-Finance NBFC (MFI)
Micro Finance Institution (MFI) is a kind of NBFC which offers financial services to the low-income segment of the population. MFIs give loans and offer insurance, deposit, and other services to its members. These companies, MFI also offer credits and other financial services to the representatives of the poor population except for extremely poor which are Below the Poverty Line (BPL). NBFC-MFI is a non-deposit taking NBFC having not less than 85% of its assets in the nature of qualifying assets. Following are the criteria for as asset to be classified as Qualifying Asset:
a. Any Loan disbursed by an a MicroFinance NBFC to a borrower with a rural household annual income not more than ₹ 1,00,000 or any urban and semi-urban household income not more than ₹ 1,60,000;
b. the borrower should not be indebted for more than ₹ 1,00,000;
c. loan of ₹ 15,000 or more shall be granted for a period of 24 months or more with a prepayment option without any penalty;
d. loan should be granted without any collateral;
e. aggregate amount of loans granted by MFI for income generation should be more than 50 % of the total loans granted by such NBFC-MFI;
f. repayment of loan shall be weekly, fortnightly or monthly as per the choice of the borrower.
7. Non-Operative Financial Holding Company (NOFHC)
It is a financial institution through which promoter/promoter groups will be permitted to set up a new bank. It’s a wholly-owned Non-Operative Financial Holding Company (NOFHC) which will hold the bank as well as all other financial services companies regulated by RBI or other financial sector regulators, to the extent permissible under the applicable regulatory prescriptions.
Non-Operative Financial Holding Company (NOFHC) means a non-deposit taking NBFC as referred to in the 'Guidelines for the Licensing of New Banks in the Private Sector'1 issued by Reserve Bank, which holds the shares of a banking company and the shares of all other financial services companies in its group, whether regulated by Reserve Bank or any other financial regulator, to the extent permissible.
8. Mortgage Guarantee Companies (MGC)
MGC is a financial institution for which at least 90 percent of the business turnover is a mortgage guarantee business or at least 90 percent of the gross revenue is from a mortgage guarantee business and a net owned fund of about 100 crores.
9. Systemically Important Core Investment Company (CIC-ND-SI)
CIC-ND-SI is an NBFC undertaking the acquisition of shares and securities which fulfills the following conditions:-
(A) Holds not less than 90 percent of its Total Assets in the form of equity investments, preferential shares, debts or loans in group companies;
(B) Its equity investments (including instruments that are compulsorily convertible into equity shares within a period not exceeding 10 years from the date of issue) in group companies constitute not less than 60% of its total assets;
(C) Except through block sales for dilution or disinvestment purposes, it does not trade in its investments in shares, debts or loans in group companies;
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Investment activities |
Lending or related activities |
Other activities |
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➲ Investment Company ➲ Core Investment Company ➲ Non-Operative Financial Holding Company
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➲ Loan Company ➲ Asset Finance Company ➲ Micro Finance Institution ➲ Infrastructure Finance Company ➲ Infrastructure Debt Fund ➲ NBFC - Factor |
➲ Mortgage Guarantee Company ➲ Peer-to-Peer Lending Company ➲ Account Aggregator
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➲ Applicant should be registered company as per the Rules, Regulations and Provisions of the Companies act, 2013 or the earlier Companies Act 1956.
➲ If a company engaged in the business of any of the above-mentioned fields, produces finance flow from that particular business, which is more than 50% of the total capital asset of the company for any year, the NBFC certificate is mandatory.
➲ The applicant company should have a minimum Net Owned Fund of INR- 2 Crores.
➲ The credit profile of the COmpany, its promoters and directors should not be in a default state.
➲ At least one of the members of the board is expected to have considerable prior experience in Banking or Credit operations.
Note: The Net Owned Fund mentioned above shall be available in Company’s bank account in the form of Fixed Deposit at the time of filing of Application for registration of NBFC.
➲ Self-attested documents of Directors, & Shareholders:
➲ If the Company is already incorporated then we would need:
➲ Net owned funds of INR 2-3 Crores (Fixed Deposit)(minimum being INR 2 Crores)
➲ Bankers report in a sealed envelope which shall be undisclosed.
➲ Business plan for 3 to 5 years
➲ Auditors report about the receipt of a 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 Proforma Balance Sheet
➲ Business/ Career profiles of all the directors
➲ Self-declaration by the directors for not being charged with any penal action
➲ An online application is to be made in the prescribed format with information regarding the demanded documents and enclosures, which generates a Company Application Reference Number.
➲ A hard copy of the above-mentioned application along with demanded documents and enclosures to the concerned Regional Office of the RBI.
➲ After the verification and approval of the submitted application and documents, the regional office sends the application to the Central office of RBI, which goes through crucial examination in order to grant the Certificate.
➲ If the terms and conditions under section 45-I A of the RBI Act, 1934 are fully satisfied the Certificate will be granted.
Net Owned Funds (NOF) Net owned Fund consists of paid-up equity capital, free reserves, balance in share premium account and capital reserves representing surplus arising out of sale proceeds of assets but excludes reserves created by revaluation of assets. From the aggregate of items, accumulated loss balance and the book value of intangible assets should be deducted, if any, to arrive at owned funds. Investments in shares of other NBFCs and in shares, debentures of subsidiaries and group companies in excess of ten percent of the owned fund mentioned above will be deducted to arrive at the Net Owned Fund. The NOF should be computed on the basis of last audited Balance Sheet and any capital raised after the Balance Sheet date should not be accounted for while computing NOF
Usually NBFC operations are similar to that of a Bank with following differences between a Bank and a NBFC, however there are some differences between them:
➲ NBFC may provide Banking services to People without holding a Bank license,
➲ NBFC cannot accept Demand Deposits.
➲ NBFC is not a part of payment and settlement system.
➲ NBFC cannot issue cheques drawn on itself.
➲ NBFC cannot provide with Deposit Insurance and Credit Guarantee to the depositor while Banks provide these facilities as per regulation.
➲ An NBFC is not required to maintain Reserve Ratios (CRR, SLR etc.)
➲ An NBFC cannot indulge Primarily in Agricultural, Industrial Activity, Sale-Purchase, Construction of Immovable Property
➲ Foreign Investment allowed up to 100 %
➲ An NBFC companies working in Financial Body and Money handling
|
Type of Company |
Limit of public Deposits |
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NBFC with NOF less than |
No access to public deposits |
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Equipment Leasing/Hire |
1.5 times NOF or Rs.10 crore |
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EL/HP company with |
4 times NOF |
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Loan/Investment companies |
1.5 times NOF (higher CRAR of 15%) |
➲ NBFCs recently gained a lot of popularity in between institutional investors, because NBFCs provides semi-rural and rural India with the access to credit, as the traditional banks have been traditionally poor in reaching them. Some advantages are as follows:
➲ Provides loans and credit facilities- Growing number of businesses and startups are willing to take a business loan from NBFCs other than Banks due to quicker processing, competitive interest rates, and availability of loans for those with poor credit history.
➲ A hard copy of the above-mentioned application along with demanded documents and enclosures to the concerned Regional Office of the RBI.
➲ Supporting investments in property- Investing in property with NBFCs is advantageous due to flexible rates, easy repayment, acceptable property collaterals with quick and easy processing
➲ Trading money market instruments- Interest rates on money market instruments such as commercial paper id soft with NBFCs, though the base rate of banks stayed unchanged.
➲ Funding private education- Flexible rates and easy return make it convenient.
➲ Facilitates retirement planning
➲ Advise companies in merger and acquisition
➲ Wealth management such as managing portfolios of stocks and shares
➲ Prepare feasibility, market or industry studies for companies
Q. Requirement for registration as NBFC?
A. For geting registered as NBFC the organisation must:
i. Be incorporated as company form which is registere under company act 2013
ii. have a minimum net owned fund of INR 200 lakh
Q. Different categories of NBFC registered with RBI?
A. NBFC's can be classified on the basisi of activities and Deposits.
On the basis of deposits, there are two Types of NBFC get regustered under RBI:
i. Deposit Taking NBFC's
ii. Non deposit Taking NBFC's
On the Basis of Activities NBFC's can be classified in the following categories:
1. Investment & Credit Company (NBFC - ICC): (New Category)
In order to provide operational flexibility per the principle of activity-based classification, the RBI has, in a recent update, consolidated or harmonized 3 categories of NBFC’s Namely Loan Companies (LC), Asset Finance Companies (AFC) and Investment Companies, into a single Category named Investment and Credit Company (NBFC-ICC).
➲. Loan Company (LC)
Loan Company means a financial institution that is carrying out Loan disbursal to earn Interest income as its principal business, but it does not include an Asset Finance Company, an equipment leasing company, or a hire-purchase Company. A loan company can undertake the activities performed by a hire-purchase or leasing company. The nature of the business of a loan company, a hire-purchase company, a leasing company is similar, but the funding requirements for these companies are pretty different from each other.
➲. Investment Company (IC)
Investment Companies are those which carry out trading of securities on listed exchanges as a primary business and are also involved in NBFC operations.
➲. Asset Finance Company (AFC)
An Asset Finance Company (AFC) is a non-deposit taking NBFC which is involved in the primary business of financing of physical assets supporting productive/economic, like automobiles, tractors, lathe machines, cranes, generator sets, earthmoving and material handling equipment, moving on own power and general-purpose industrial machines as its principal business. The principal business is defined as aggregate of financing real/physical assets supporting economic activity and income arising from there is more or equal than 60% of its total assets and total income respectively.
2. Infrastructure Finance Company (IFC)
Infrastructure finance companies carry out financing of a minimum of three-fourths of their total assets in infrastructure loans. The Net Owned Funds (NOF) are more than 3 billion and a minimum crediting rating of 'A' with Capital to Risk-Weighted Assets Ratio is 15%.
3. Infrastructure Debt Fund: Non- Banking Financial Company (IDF-NBFC)
IDF-NBFC are companies registered as NBFC to facilitate the flow of long-term debt into infrastructure projects. IDF-NBFC raises resources through Multiple-Currency bonds of minimum 5-year maturity. Only Infrastructure Finance Companies (IFC) can sponsor IDF-NBFCs.
4. NBFC-Factors
NBFC Factors has the principal business of factoring. Factoring is a financial transaction and a type of debtor finance to provide the financial assistance now to cover the invoice amount to be collected at a later date.
5. Gold Loan NBFCs in India
Gold Loan NBFC carry out financing by keeping Gold as security from the customers. In recent years, gold loan NBFCs witnessed an upsurge in the Indian financial market, owing mainly to the appreciation in the gold price and consequent increase in the demand for the gold loan by all sections of society, especially the poor and middle-class society. Growth of gold loan NBFCs is seen both in terms of the size of their balance sheet and their physical presence which in turn compelled to increase their dependence on public funds including bank finance and non-convertible debentures. Aggressive structuring of gold loans resulting from the uncomplicated, undemanding, and fast process of documentation along with the higher Loan to Value (LTV) ratio includes some of the major factors that caused the growth of Gold loan NBFCs.
6. Micro-Finance NBFC (MFI)
Micro Finance Institution (MFI) is a kind of NBFC which offers financial services to the low-income segment of the population. MFIs give loans and offer insurance, deposit, and other services to its members. These companies, MFI also offer credits and other financial services to the representatives of the poor population except for extremely poor which are Below the Poverty Line (BPL).
7. Non-Operative Financial Holding Company (NOFHC)
It is a financial institution through which promoter/promoter groups will be permitted to set up a new bank. It’s a wholly-owned Non-Operative Financial Holding Company (NOFHC) which will hold the bank as well as all other financial services companies regulated by RBI or other financial sector regulators, to the extent permissible under the applicable regulatory prescriptions.
Non-Operative Financial Holding Company (NOFHC) means a non-deposit taking NBFC as referred to in the 'Guidelines for the Licensing of New Banks in the Private Sector'1 issued by Reserve Bank, which holds the shares of a banking company and the shares of all other financial services companies in its group, whether regulated by Reserve Bank or any other financial regulator, to the extent permissible.
8. Mortgage Guarantee Companies (MGC)
MGC is a financial institution for which at least 90 percent of the business turnover is a mortgage guarantee business or at least 90 percent of the gross revenue is from a mortgage guarantee business and a net owned fund of about 100 crores.
9. Systemically Important Core Investment Company (CIC-ND-SI)
CIC-ND-SI is an NBFC undertaking the acquisition of shares and securities which fulfills the following conditions:-
(A) Holds not less than 90 percent of its Total Assets in the form of equity investments, preferential shares, debts or loans in group companies;
(B) Its equity investments (including instruments that are compulsorily convertible into equity shares within a period not exceeding 10 years from the date of issue) in group companies constitute not less than 60% of its total assets;
(C) Except through block sales for dilution or disinvestment purposes, it does not trade in its investments in shares, debts or loans in group companies;
Q. What are the various prudential regulations applicable to NBFCs?
A. i. Company’s act 2013
ii. Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007
iii. Non-Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015
iv. Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015
Q. what is owned or net owned funds?
A. Owned Fund 'means the sum of the paid-up equity capital, the preferred shares that are compulsorily convertible into equity, the free reserves, the balance in the share premium account and the capital reserves reflecting the surplus arising from the selling of asset proceeds, excluding the reserves produced by the revaluation of the asset after deduction from the accumulated balance of losses, the deferred revenue expenditure and other expenditure. The 'Net Owned Fund' is the sum as mentioned above, minus the sum of the company's investments in the stock of its subsidiaries, companies in the same group and all other NBFCs and the book value of debentures, bonds, outstanding loans and advances, including lease and lease financing and deposits made with subsidiaries and companies in the same group, to the extent that it exceeds 10%.
Q. Non-Deposit taking NBFCs Compliances or returns?
A. NBS-7 A Quarterly statement for NBFC-ND-SI on capital funds, risk weighted assets, risk asset ratio, etc.
Monthly return on NBFCs-ND-SI Essential Financial Parameters.
Returns from ALM:
(I) Declaration of Dynamic Short Term Liquidity in ALM Format [NBS-ALM1] -Monthly,
(ii) Systemic Liquidity Statement in ALM Format [NBS-ALM2] Half yearly,
(iii) Sensitivity Interest Rate Comment in ALM format -[NBS-ALM3], Half Annual.
Q. Is there any ceiling on the interest charged by NBFC to its borrowers?
A. There is no ceiling on the interest rate charged by the NBFC from its borrowers and is governed by the terms and conditions of the loan agreement entered into between the NBFC and the borrower. The RBI has deregulated the interest rates to be charged by financial institutions (other than NBFC- Micro Finance Institution) from its borrowers, subject to the conditon that the NBFCs shall be transparent regarding the rate of interest and shall disclose to its borrowers the manner in which it has arrived such rate of interest to different categories of borrowers. Such declaration can be made in the application form and communicated explicitly in the sanction letter etc.
Q. Whether approval / prior approval of the RBI is required for acquisition/ transfer of shareholding of 26 per cent or more of the paid up equity capital of an NBFC within the same group i.e. intra group transfers?
A. Indeed, a prior approval of RBI is mandatory in all cases of acquisition/ transfer of shareholding of 26 per cent or more of the paid up equity capital of an NBFC. In case of intra-group transfers of 26 percent or more, the NBFC shall submit an application to the RBI, on the letter head of the company, for obtaining prior approval of the Bank. The submission of documents as prescribed at para 3 of DNBR (PD) CC.No. 065/03.10.001/2015-16 dated July 9, 2015 may be required by the RBI for processing the application of the company. If the approval for such change in shareholding is granted without the documents mentioned above, the NBFC would be required to submit such documents after the process of transfer is complete.
Q. What are the Minimum Capital Requirements for ‘Other Financial Services’ activities which are unregulated by any Financial Sector Regulator?
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Minimum FDI capital
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Entity |
Activity |
|
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Fund based activities
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Unregistered / Exempted |
Unregulated |
US$ 20 mn
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|
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Non-fund based |
Unregistered / Exempted |
Unregulated |
US$ 2mn
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* Note: Fund and non-fund based activities shall include, but not limited to,the following activities to the extent that they are-
a. not regulated by any financial sector regulator - this shall comprise of the scenarios where the entity is not registered with the concerned sector regulator and/or the entity or activity is exempted under the respective sector regulations; or
b. where only a part of the financial services activity is regulated; or
c. where there is an uncertainty or doubt regarding the regulatory oversight:
Fund based activities: The following shall be classified as fund based activities:
a. Merchant Banking,
b. Under Writing,
c. Portfolio Management Services,
d. Stock Broking,
e. Asset Management,
f. Venture Capital or AIF
g. Custodian Services,
h. Factoring,
i. Leasing & Finance,
j. Housing Finance,
k. Credit Card Business,
l. Micro Credit,
m. Rural Credit
Non-fund based activities: Following are the non-fund based activities:
a. Investment advisory services,
b. Financial Consultancy,
c. Forex Broking,
d. Money Changing Business,
e. Credit Rating Agencies
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