RBI doesn’t reject applications for one missing paper — it rejects them for patterns of sloppiness. This checklist covers every document category in a standard NBFC licence application, plus how to prepare each so it survives scrutiny.
1. Company documents
- Certificate of Incorporation (with CIN)
- Memorandum & Articles of Association — objects must permit financial business
- Board resolution authorising the NBFC application and signatories
- Shareholding pattern and beneficial ownership disclosures
- Registered office proof
2. Promoter & director dossiers
For each promoter, director and key managerial person:
- KYC: PAN, Aadhaar (masked), address proof, photographs
- Net-worth certificate from a chartered accountant with computation
- Income tax returns (typically 3 years) and bank statements
- Declarations: fit-and-proper, no wilful default, no criminal proceedings
- Detailed profile: education, experience, other directorships
RBI cross-checks. Undisclosed directorships or defaults surface through CIBIL and MCA records — disclose everything upfront.
3. Net Owned Fund evidence
- Statutory auditor’s NOF computation certificate per RBI’s definition
- Bank statements evidencing capital infusion
- Share allotment records and filings
- Source-of-funds trail — salary, business sale, gifts (with deeds), each documented
4. Business plan (the most-queried document)
- 5-year financial projections: P&L, balance sheet, cash flow
- Product-wise disbursement and yield assumptions — with justification
- Organisation structure and hiring plan
- IT systems description: LOS, LMS, accounting, collections
- Risk management overview and compliance framework outline
5. Policy framework (outline at application stage)
Credit policy, KYC/AML policy, fair practices code, grievance redressal, outsourcing policy — at least in board-approved draft form.
Preparation tips that prevent query cycles
- Date discipline: all certificates should be recent (typically within 3–6 months of filing).
- Consistency: names, addresses and figures must match across every document — mismatches trigger queries.
- Index everything: a paginated, indexed application signals professionalism to the processing officer.
Frequently asked questions
How many RBI query rounds are normal? Two to four rounds is typical even for clean applications. Budget 6–12 months total.
Can documents be filed physically? RBI processes through its online portal; keep originals ready for verification if called.
We have a foreign promoter — extra documents? Yes: FIRC/FIRC evidence, overseas KYC, and FEMA-compliant structuring. Our FDI advisory covers this.