Microfinance Company Registration - What Is Micro-Finance Company
A micro finance firm (NBFC-MFI) will need to have a minimum internet owned fund (NOF) of INR 5 Crore, after its incorporation as a public restricted firm holding fairness share capital, (and never the choice share capital). For North-East India, this NOF has been stored at INR 2 Crore only. This amount is to be deposited in a freshly opened new checking account as a set deposit, free from all aliens. Then, a correct utility is to be made to the RBI through the prescribed type for NBFC-MFI, together with submitting the documents talked about beneath. On receipt of the appliance and documents, RBI will look at those and can conduct due diligence, and thereafter, will challenge the certificate of graduation of enterprise as an MFC.
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