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Microfinance Company Registration
MICROFINANCE
COMPANY
RDrEivingG & NIurSturiTng sRmallA busTinesIsOes wiNth
solidarity
DECODING: MICRO-
FINANCING
Microfinance is the provision of financial services to low-income clients or
solidarity lending groups including consumers and the self-employed, who
traditionally lack access to banking and related services. It is not just about
giving micro credit to the poor rather it is an economic development tool
whose objective is to assist poor to work their way out of poverty. It covers
a wide range of services like credit, savings, insurance, remittance and also
non-financial services like training, counseling etc.
The use of this facility is warranted wherein the loan getter lacks the
proper documentation and collateral to be provided for seeking loan from
regular loan giving agencies, such as Banks, Financial Institutions etc.
For the safety of such groups which includes, women and small businesses
to raise capital and take risk for carrying their business, micro-financing
process has evolved.
MICROFINANCING: THE
INDIAN PERSPECTIVE
SHG – Bank
Linkage
Programme Micro Finance
(SBLP) Institutions (MFIs) working on the
concept of JLG
DIFFERENCE BETWEEN SHG
AND JLG MODEL
MICROFINANCE COMPANIES:
LEADING THE PATH IN
MICROFINANCE BUSINESS
LEGAL STRUCTURE OF
MICROFINANCE COMPANY
Non-Banking SECTION-8
Finance COMPANY
Company (duly UNDER
registered with COMPANIES ACT,
RBI) 2013
PROCEDURE TO REGISTER
MICRO FINANCE COMPANY
AS NBFC
Wait and
coordinate with
Submit the the Reserve
hard copy of Bank of India
the application (RBI) for Fill online
to the further application
Regional Office instructions.
Get all the of the RBI
certified copies
Deposit Rs.2 cr. and complete
In fixed the other RBI
Raise deposits and
formalities.
Authorized and obtain a
certificate.
Register a paid up capital
Company to Rs.2 cr.
PROCEDURE FOR REGISTERING
MICROFINANCE COMPANY AS
SECTION 8 COMPANY
Apply for Apply for
Apply for
Central Apply for
DSC and DIN Name Government Incorporatio
PAN and
approval TANLicense n
DOCUMENTS REQUIRED
FOR MFI REGISTRATION IN
Duly Certified copy of CertificateI oNf IncDorpoIrAation of a company.
Certified copy of Memorandum and Articles of Association (MOA & AOA) of the
Company
Board Resolution in relation to the proposed Microfinance company registration
Banker's Report
Auditors report regarding receipt of the minimum net owned fund (NOF) of the
applicant company
A certificate of Chartered Accountant regarding details of
group/associate/subsidiary/holding companies along with the details of
investments in other NBFCs as shown in the Performa Balance Sheet
A certified copy of the highest educational and professional qualification of all
the proposed directors of an applicant company.
These are to be given by all the Directors and shareholders of the company.
WHY
MICROFINANCES:
THE NEED OF THE
HOUR
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