NBFC RBI Compliance

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NBFC RBI Compliance

RBI has issued Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016 for various returns to be submitted by NBFCs. The returns are required to be filed on-line by an authorised official of the NBFC, who will be specifically authorised in this regard by the Board of Directors. Timelines are specified for submitting various returns by NBFCs. Delay in filing returns shall be subject to strict penal action by RBI.

Documents For NBFC RBI Compliance

  • Basic details about the Company
  • Certificate of Incorporation
  • MOA & AOA
  • Books of Accounts
  • Statutory Auditors Certificate
  • Any other details as may be required.

Features Of NBFC RBI Compliance

  • All the NBFCs are required to report to RBI by filing required returns within the prescribed timeline.
  • Finalisation/Completion of the Audit should not be the reason of delay for filing returns
  • The Figures mentioned in the Returns should be based on the Books of Accounts of the Company
  • Returns are to be filed by Authorised Signatory of the NBFC, who shall be authorised through Board Resolution
  • NBFCs are required to strictly follow the timelines failing which RBI can take strict penal action.
  • RBI can take strict action, if the information/particulars specified in the returns are found to be incorrect.

Frequently Asked Questions

Every Non-Banking Financial Company is required to submit the Audited Balance Sheet along with the Audited Profit & Loss Account passed by the company in the meeting and also affix the copy of Board of Director’s report to Reserve Bank of India (RBI) within 15 days of holding the (AGM) Annual General Meeting.

Every NBFC shall submit a Certificate from its Statutory Auditor that it is engaged in the business of NBFC requiring it to hold a Certificate of Registration under Section 45-iA of the RBI Act 1934 within one month from the submission of balance sheet and in any case not later than December 30th of that year.

RBI has introduced XBRL mode format for submission of RBI Returns From F.Y 2019-20 onwards.

ROLE OF COMPLIANCE CALENDAR LLP

The Non Banking Financial Companies (NBFCs) are required to submit various returns with RBI within the timelines specified. Delay in filing returns will lead to heavy penalties imposed by RBI. Hence Timely Submission of Various RBI Returns is must for NBFCs Compliance Calendar LLP has a team of professionals who can provide you proper assistance and guidance for preparation submission of RBI Returns applicable to NBFCs in an efficient and time saving manner. If you are looking NBFC RBI Compliance, you are welcome to connect with us at info@ccoffice.in or call us at +91-9988424211 to book your one-time free consultation and we will be more than happy to help you out.