What is the process to open an NBFC in India?

A company should first be registered under the Companies Act 2013 or should already be registered under the Companies Act 1956 as either a Private Limited or a Public Limited Company. The minimum net owned funds of the Company should be Rs. 2 Crore

A corporation must first register under the Companies Act 2013 or be established as a Private Limited or Public Limited Company under the Companies Act 1956.
The company's net owned funds should be at least Rs. 2 crore.
Finance experience is required for 1/3 of the Board of Directors.
The company's CIBIL records should be spotless.
A five-year business plan is required for the company.
FEMA and capital compliance criteria must be met by the company.

Under Section 45-1 (c) of the Reserve Bank of India Act, 1934

A company should first be registered under the Companies Act 2013 or should already be registered under the Companies Act 1956 as either a Private Limited or a Public Limited Company. The minimum net owned funds of the Company should be Rs. 2 Crore.

Perfect answer for NBFC

Under Section 45-1 (c) of the Reserve Bank of India Act, 1934, any non-banking financial services company is treated as an NBFC. The Ministry of Corporate Affairs is headed by the NBFC. A non-banking financial company is a financial institution that provides banking services but does not have a banking license. The non-banking institution has a basic plan for obtaining any deposit scheme or agreement or any other defined form.

The procedure to incorporate an NBFC is: A company should first be registered under the Companies Act 2013 or should already be registered under Companies Act 1956 as either a Private Limited or a Public Limited Company. The minimum net owned funds of the Company should be Rs. 2 Crore.