Growing need to for RBI Compliance for NBFC

Non-Banking Financial Corporations or NBFC are those which do not accept public deposits. Likewise, these have assets below 500 crore Indian rupees.

RBI view on NBFC

RBI has master directions for the NBFC companies. These are especially important for RBI Compliance for NBFC. Hence, care must be given to the following points-

  • Loans and advances
  • Acquisitions of shares, stocks, bonds and securities issued by the government
  • Other marketable securities
  • Chit business
  • Insurance company
  • Leasing companies
  • Hire and purchase
  • Chit funds business

Returns to be submitted by NBFC

All NBFC companies accepting or holding public deposits above 100 crores need to ensure the RBI Compliance for NBFC. 

Kinds of periodic returns to be submitted by all such financial institutions –

  • CA certificate for NBS (4)
  • CEO and CA certificate for NBS (2)
  • NBS 3_REV (Quarterly returns on Statutory Liquidity Assets)

Further to ensure the RBI Compliance for NBFC, you need to have –

  • Annual Return on repayment of deposit – NBS (4)
  • Quarterly returns on financial parameters and services – NBS1_ REV
  • Quarterly returns on financial parameters and services like CRAR, Exposure to group business and Risk Assets- NBS2_ REV

Mandatory RBI Compliance for NBFC 

Forms of periodic returns to be submitted by all the above NBFC companies and NDSI in relation to RBI Compliance for NBFC – 

  • Monthly return on balance sheet
  • Profit and loss accounts
  • Exposure to sensitive factors
  • CEO and SA certificate
  • Annual Return- ALM – YRLY
  • Half year returns
  • Quarterly returns on CRAR
  • Risk assets
  • Degree of exposure to group business

Other RBI Compliance for NBFC certificate

Here are a few documents that need to be submitted to the relevant authorities regarding RBI Compliance for NBFC – 

  • Annual returns to be submitted by NBFC having assets between 100 to 500 crores -NBS – 8
  • Annual returns to be submitted by NBFC having assets below 100 crores -NBS – 9

Conclusion

Annual compliance with the RBI guidelines is mandatory. This means that all NBFC that have license from RBI need to comply with the process. Moreover, the same is highly recommended for the smooth outcomes of your NBFC. It saves you from hefty fines and penalty. Thus, you can seek the help of the best consultants like GIS Consulting to get the best results

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Jaspal Singh

Outstanding and inexplicable services were received by us as a Stellar from GIS consulting team for the ISO 27001 implementation and Cybersecurity. It would,indeed, have become a major hurdle for us to obtain this most desired certification if we hadn’t got accompanied by this incredible consultancy team of professionals. To be honest, the team members present in GIS consulting team are extremely high knowledgeable, professional and skilled. A special and big thanks to Mr. Naveen Dham, for being with us everytime we felt struggled while implementing any stuffs related to infosec. Hats off.

Jaspal Singh, Sr. Quality & Compliance, Stellar Data Recovery,
Ashish Agarwal

Strength of Global IS Consulting lies in their team of seasoned professionals led by their CEO who has helped Interglobe in strengthening it’s security posture by conducting regular vulnerability assessment and penetration testing to help us secure our environment.

Ashish Agarwal, Assistant Manager, Interglobe Enterprise Ltd,
Aditya Khullar

Thanks to Cybersecurity Team of Global IS Consulting who has been instrumental in protecting us from latest cyber threats through their extensive penetration testing done on our networks and financial webportals. We appreciate the remediation actions implemented by the team to make us compliant to PCI DSS Standard.

Aditya Khullar, Manager Information Security, Interglobe Enterprise Ltd.,
Sandeep Chauhan

Global IS Consulting is one of the most professional and committed consulting organization that we have come across. Helmed by Mr Naveen Dham, the company efficiently and effectively built a Management System based on IS 27001:2013 standard for our organization. The best part was the level of involvement and keen participation in all the activities pertaining to the certification process of the organization.

Sandeep Chauhan, DGM Quality, PL Engineering (Punj Lloyd Group),
Amandeep Bawa

Thanks to CEO of Global IS Consulting for helping us achieve ISO27001 Certification by indepth implementation and maintaining it for last 5 years in row. Appreciate the professional approach, dedication and massive knowledge carried by the team.

Amandeep Bawa, IT Head, Panasonic India Pvt Ltd, Corporate Office Gurgaon,
Durgesh Upadhyaya

We appreciate the support provided by CEO of Global IS Consulting; Mr. Naveen Dham for helping us achieve ISO 27001 and every year ISMS maintenance provided for real time compliance to ISO 27001 standard

Durgesh Upadhyaya, Admin Head, Panasonic India Pvt Ltd, Corporate Office Gurgaon,
Navjeevan Kumar

Global IS Consulting is a group of experienced, talented and committed professionals. The CEO of the organization with his team has always shown his best in every project handled by them in the past. He has been instrumental in certifying our client Aircel for ISO 27001:2013 and maintaining it for last 3 years.

Navjeevan Kumar, Head Infra, Wipro Infotech Ltd.,
Sandhya Khamesra

CEO of Global IS Consulting, Naveen Dham is very professional in his work. He has an indepth knowledge of ISO 27001, PCI DSS, ISO 20000 and various other IT Standards and is able to quickly adapt the requirements of the standards required with what the client wants to accomplish, resulting in a lot of value addition to the clients. He has a wide variety of implementation scenarios in his background that he can draw information from. We highly recommend Naveen for any ISMS, ITSMS, PCI DSS and cybersecurity consultation projects.

Sandhya Khamesra, North Business Head, BSI Group,
Rumila

Hats off to CEO of Global IS consulting who has been maintaining our ISO 27001 & ISO 20000 standard maintenance since our inception. Their Cybersecurity experts have been instrumental in protecting us from latest cyber threats through their extensive penetration of our network and patching them in time.

Rumila, Senior Vice President, Silaris Informations Pvt. Ltd.,
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