Microfinance Company Registration




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What is MFI?

Micro Finance Institutions(MFI’s) can be defines as a microfinance institution is an organization that offers financial services to low income populations. Almost all give loans to their members, and many offer insurance, deposit and other services. A great scale of organizations are regarded as microfinance institutes. They are those that offer credits and other financial services to the representatives of poor strata of population.

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.

Procedure for NBFC-MFI Registration

Company Registration

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

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.

The Opening of a Bank Accountant

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.

Application to RBI

Application to RBI for Business Operations.

RBI

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

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