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A microfinance company or institution is a type of NBFC which is not authorized to take deposits but carry out small lending activities to finance the low income category individuals like small businessman, farmers, agriculturalist, horticulturist etc. Microfinance registration are regulated under RBI Act of 1934 in India.
To register a microfinance company, applicant has to follow a predefined procedure as per the guidelines of RBI Act 1934. Here is the stepwise guide or procedure for microfinance registration.
Before applying for Microfinance registration, the applicant must go through document preparation to avoid any chance of cancellation of the application due to shortage of correct documents.
You are required to apply for RBI approval to commence operations of the microfinance company in India. Below is the list of documents required for RBI application for microfinance registration.