{"id":19086,"date":"2023-08-27T10:00:52","date_gmt":"2023-08-27T04:30:52","guid":{"rendered":"https:\/\/www.kanakkupillai.com\/new-learn?p=19086"},"modified":"2025-07-11T10:55:59","modified_gmt":"2025-07-11T05:25:59","slug":"nbfc-compliance-a-complete-guide","status":"publish","type":"post","link":"https:\/\/www.kanakkupillai.com\/learn\/nbfc-compliance-a-complete-guide\/","title":{"rendered":"NBFC Compliance: A Complete Guide"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.kanakkupillai.com\/nbfc-compliance\"><strong>NBFC Compliance<\/strong><\/a> is becoming more complex. Previously, banks benefited from using non-banking financial institutions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">NFCs must do these steps to file their returns on the newly-launched XBRL platforms:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Get the Reserve Bank of India User ID and password.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">An XBRL RBI installation is necessary.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You should update your profile frequently through the XBRL Portal.<\/span><\/li>\n<\/ul>\n<h2><b>What are the Functions of NBFC?<\/b><\/h2>\n<p><b><i>NBFCs serve several purposes. Here are a few examples:<\/i><\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Hire Purchases and Leases<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Financing retail<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Venture Capital Services for Rural Financing<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">MSME Financed by Trade Financing<\/span><\/li>\n<\/ul>\n<h2><b>NBFC Registration Process<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">An NBFC refers to any company registered under the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Companies_Act_2013\"><strong>Companies Act<\/strong><\/a><span style=\"box-sizing: border-box; margin: 0px; padding: 0px;\"><a href=\"https:\/\/en.wikipedia.org\/wiki\/Companies_Act_2013\" target=\"_blank\" rel=\"noopener\"><strong>, 2013,<\/strong><\/a> that engages in providing loans and advances, purchasing government or local authority-issued shares, stocks, bonds, debentures, or securities, leasing, hire-purchase arrangements, insurance business activities, or chit operations,<\/span>\u00a0among its services.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, non-bank financial companies (NBFCs) do not include organizations whose primary business involves agriculture or industrial activity, the acquisition, sale, or provision of services other than commodities, or the sale, purchase, or construction of real property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A Non-banking Financial Company also refers to any company that receives payments in one lump sum through contributions or other methods (like a Residuary Non-Banking Company). Therefore, any non-banking financial corporation (NBFC) that wishes to undertake such activities must apply for <a href=\"https:\/\/www.kanakkupillai.com\/nbfc-registration\"><strong>NBFC registration<\/strong><\/a>.<\/span><\/p>\n<h3><b>NBFC Registration Process Cancellation<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The firm\u2019s owner must understand the reasons for the revocation of the NBFC Registration Process. In addition to NBFC P2P, NBFCs lending within the P2P marketplace are known as Non-Banking Financial Companies (NBFCs) P2P.<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">A Non-Bank Financial Company may not accept deposits or provide loans alone due to operational inefficiencies.<\/span><\/li>\n<li>If the NBFC fails to adhere to the Act standards or restrictions, or the RBI capital requirements.<\/li>\n<li><span style=\"font-weight: 400;\">When an NBFC fails to abide by RBI directives, it could occur, for instance, when they fail to keep or provide necessary documents as per RBI Act 1934 for inspection by inspectors as mandated \u2013 in such a scenario, penalties would likely ensue for such infringersNBFCs can also collect deposits, loans, and advance, acquire shares, stocks, and any other securities which a state or local government issues. The Companies Act of 2013 is the law that governs businesses of this kind. They do not operate as banks. NBFCs do not serve as banks but can conduct all lending activities simultaneously.<\/span><\/li>\n<\/ul>\n<h2><b>What is NBFC return and compliance?<\/b><\/h2>\n<p><span class=\"text-with-replacments\">NBFC return and compliance are the various returns and other KYC and KYR due diligence processes that non-banking financial companies (NBFCs) in India need to comply with. The RBI, the central bank of India, has these requirements.<br \/>\n<\/span>NBFC returns and compliance are primarily aimed at safeguarding NBFCs and preventing violations of investors\u2019 and borrowers\u2019 rights.The returns and other requirements cover a wide range of areas, including:<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Deposits: NBFCs that accept public deposits must file regular returns on their promises, including the amount of deposits outstanding, the interest rates offered, and the terms and conditions of the deposits.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Prudential norms: NBFCs must comply with a set of prudential norms, such as capital adequacy, asset classification, and provisioning. These norms ensure that NBFCs have adequate financial strength to meet their obligations to their depositors and borrowers.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Risk management: NBFCs must have a sound risk management framework in place. This includes having policies and procedures to identify, measure, monitor, and control risks.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Corporate governance: NBFCs must have a strong corporate governance framework in place. This includes having an independent and qualified board of directors that exercises effective oversight of the company\u2019s management.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The RBI monitors NBFCs\u2019 compliance with the return and compliance requirements through various means, including audits, inspections, and off-site surveillance. NBFCs that fail to comply with the requirements may be subject to penalties, such as fines or restrictions on their operations.<\/span><\/p>\n<h3><strong>Here are some of the specific returns that are required to be filed by NBFCs:<\/strong><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">DNBS-01: Quarterly return on financial performance<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">DNBS-02: Quarterly return on prudential norms<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">DNBS-03: Quarterly return on statutory liquid assets<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">DNBS-06: Monthly return on deposits<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">DNBS-10: Annual return on financial statements<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">DNBS-13: Annual return on foreign investment<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">NBFCs are also required to comply with several other regulatory requirements, such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Maintaining a least capital adequacy ratio of 15%<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Classifying assets into diverse risk categories and making adequate provisions for bad debts<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Having a sound risk management framework in place<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Having a durable corporate governance agenda in place<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The reporting requirements for NBFCs are constantly evolving, so it is important for NBFCs to stay up-to-date on the latest requirements. The RBI publishes a comprehensive list of the reporting requirements for NBFCs on its website.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><strong>Types NBFC<\/strong><\/td>\n<td><b>Description<\/b><\/td>\n<td><b>Due date<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>DNBS-04B<\/b><\/td>\n<td><span style=\"font-weight: 400;\">NDSI and NBFCs<\/span><\/td>\n<td><i><span style=\"font-weight: 400;\">The Capture\u00a0<\/span><\/i><span style=\"font-weight: 400;\">:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For NBFCs NBFCs NDSI, The specifics resulting from a mismatch in future cash flows and the inflows are based on the maturity pattern of assets and liabilities at their expiration.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Facts and information on interest rates<\/span><\/td>\n<td><span style=\"font-weight: 400;\">You can pay monthly up to 10 days before the due date.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>NESL<\/b><\/td>\n<td><span style=\"font-weight: 400;\">All Non-Banking Finance Companies<\/span><\/td>\n<td><span style=\"font-weight: 400;\">You must report your debts to NESL.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Within a week of next month\u2019s start,<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>CIC Reporting<\/b><\/td>\n<td><span style=\"font-weight: 400;\">All Non-Banking Finance Companies<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The four CICs must be aware of the loan provided by each NBFC.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Before Tuesday, the 10th day of the following month.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>Annual Compliances<\/b><\/h2>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><strong>Types of NBFC<\/strong><\/td>\n<td><b>Description<\/b><\/td>\n<td><b>Due dates<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>DNBS-2 Return<\/b><\/td>\n<td><b>Non-NDSI NBFCs<\/b><\/td>\n<td><span style=\"font-weight: 400;\">They also contain asset and debt components. Additionally, they demonstrate the compliance of non-deposit-accepting non-NDSI NBFCs with various standards.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">On or before the 30th of May (either an audited or a provisional base), if provisional, the audit must be filed within 30 days after finalization.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>DNBS-010<\/b><\/td>\n<td><b>All NBFCs & ARCs<\/b><\/td>\n<td><span style=\"font-weight: 400;\">NBFCs must be constantly regulated to ensure compliance.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The balance sheet must be done within 15 days.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>Additional NBFC compliances:<\/b><\/h2>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><b>Types NBFC<\/b><\/td>\n<td><b>Description<\/b><\/td>\n<td><b>Due Day<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>DNBS09-CRILC SMA Details<\/b><\/td>\n<td><span style=\"font-weight: 400;\">NBFCs-NDSI & NBFCs-D & NBFC-Factors<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The form SMA-2 was used for reporting the NBFCs D, NBFCs NDSI and NBFCs-Factors with more significant exposure than $5 million per day.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">SMA-2 Accounts are currently classed as SMA-2.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>CKYCR<\/b><\/td>\n<td><span style=\"font-weight: 400;\">REs<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Every regulated company, including NBFCs, is legally required to undergo a KYC process before disbursing monies or establishing accounts.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">After ten business days, the account will be closed.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>CERSAI<\/b><\/td>\n<td><span style=\"font-weight: 400;\">All Financial Institutions<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Making secured loan payments<\/span><\/td>\n<td><span style=\"font-weight: 400;\">As quickly as possible, shift the protected property to a new location for safety.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>FIU-IND<\/b><\/td>\n<td><span style=\"font-weight: 400;\">The entire regulated industry<\/span><\/td>\n<td><span style=\"font-weight: 400;\">These transactions must be reported in accordance with Rule 3 of the PMLA Rules, 2005.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">After seven days of the date you first became aware that the transaction may be unusual, the 15th of next month.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>Prudential regulation of the RBI Master Direction<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Apart from the <a href=\"https:\/\/www.kanakkupillai.com\/nbfc-compliance\"><strong>NBFC Compliances<\/strong><\/a> listed overhead, non-banking entities must obey the following regulations:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Accounting for investment: An NBFC\u2019s Board of Directors is responsible for implementing its Investment Policy. The criteria used to categorize assets include both current and long-term assets, for example.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Multiple NBFCs \u2013 The total assets for all NBFCs are to be verified. 500 crores.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Loans secured against company shares are prohibited, meaning that NBFCs cannot offer or accept loans against their shares.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Policy on Demand and Call Loans. The Board of Directors (BOD) should establish a firm-wide policy.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Asset Classification: Appropriate NBFCs should categorize their assets under the following categories:<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><b>Standard Resources;<\/b><\/li>\n<li style=\"font-weight: 400;\"><b>Sub-Standard Assets;<\/b><\/li>\n<li style=\"font-weight: 400;\"><b>Loss Assets;<\/b><\/li>\n<li style=\"font-weight: 400;\"><b>Doubtful assets<\/b><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Disclosure on the balance sheet: <a href=\"https:\/\/www.kanakkupillai.com\/nbfc-registration\"><strong>Non-Banking Financial Companies<\/strong><\/a> will be required to disclose separately for bad or doubtful debts and depreciation of investments.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Non-banking Financial companies should allocate standard assets equivalent to 0.25% of their outstanding assets.<\/span><\/li>\n<\/ul>\n<h3><b>Penalties for Non-Compliance<\/b><\/h3>\n<p><span class=\"text-with-replacments\">RBI would impose huge penalties if you neglect the rules and regulations. <\/span><span class=\"text-with-replacments\">Penalties for non-compliance vary according to the type of NBFC. <\/span><span class=\"text-with-replacments\">One of the most severe outcomes would be the cancellation of the NBFC License or the dissolution of the company.<\/span><\/p>\n<h2><b>Frequently Asked Questions<\/b><\/h2>\n<h3><strong>1. What exactly is an NBFC?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Popular financial firms, such as NBFCs, offer loans and advances, and purchase stocks, debts, equity, and other marketable assets from local authorities or governments.<\/span><\/p>\n<h3><b>2. Which NBFCs are subject to compliance with the NBFC Act?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Once established, NBFCs must adhere to the numerous compliance criteria set forth by their regulatory authority. To evade incurring fines, these compliances must be met on the agenda.<\/span><\/p>\n<h3><b>3. What is the DNBS-01 Return?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Returns include financial data such as asset and liability components, profit-and-loss accounts, and exposure to sectors of concern, among others.<\/span><\/p>\n<h3><b>4. What exactly is the DNBS-05 return?<\/b><\/h3>\n<p>This information relates to NBFCs, which took public deposits but had their CoR refused.<\/p>\n<h3><b>5. What does DNBS-06 mean?<\/b><\/h3>\n<p>The RNBCs\u2019 return will include information on financial components, such as asset and liability elements, as well as compliance with specific standards.<\/p>\n<h3><b>6. Which NBFCs are excluded from the RBI\u2019s registration requirement?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">While not all NBFCs are required to register with the RBI, those that are governed by it must do so. Besides Insurance Businesses, the Nidhi Chit National Housing Bank is a completely NBFC. However, each is governed under different regulations.<\/span><\/p>\n<h3><b>7. What are the steps to appeal the RBI\u2019s deregistration of NBFCs?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">RBI can revoke an NBFC\u2019s registration certificate if it violates the terms of the RBI Act. If the NBFC disagrees with the RBI\u2019s order, it can appeal. You can appeal within thirty (30 days of when the RBI order was issued, cancelling the registration certificate.<\/span><\/p>\n<h3><b>8. Which authority does the RBI hold over NBFCs?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">RBI Act of 1935 grants the RBI authority to inspect, monitor, supervise, and regulate NBFCs that meet the primary business\u2019s 50-50 criteria. The Reserve Bank also has the right to fine NBFCs if they do not comply with the RBI Act and its regulations.<\/span><\/p>\n<h3><b>9. What is the new NBFC regulation?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">NBFCs\u2019 new regulatory requirements include the revised NOF, IPO finance cap, ICAAP (Industry-wide Capital Advisory Program) for NBFCs, RMC structure, board-approved policies, and disclosure requirements.<\/span><\/p>\n<h3><b>10. Which regulations must an NBFC follow?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">An NBFC must comply with several NBFC standards, including submitting returns such as DNBS-01. DNBS-01. DNBS-04. DNBS-06. They essentially meet reporting standards, for example, filing an audited annual balance sheet, a profit and loss statement, a Declaration of Auditors to Act as Auditors of the Company, and maintaining a leverage ratio of no more than 7.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NBFC Compliance is becoming more complex. Previously, banks benefited from using non-banking financial institutions. 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