Out of 725 applications received by the Reserve Bank of India (RBI) for the registration of NBFC-ICCs (Non-Banking Financial Company - Investment and Credit Company), only 138 have been approved and granted Certificates of Registration (CoR).
Responding to an RTI application seeking information on the number of NBFC applications approved by the RBI and the reasons for turning down others, the RBI said that from January 1, 2021, to December 16, 2024, about 468 out of 725 applications were either returned or withdrawn by the applicants themselves.
Additionally, 66 applications were rejected outright.
However, there is no information on the rest of the 53 applications.
The regulator declined to disclose the internal assessment criteria for evaluating such applications.
Successful applications
It, however, provided an exhaustive list of entities whose NBFC-ICC applications had been approved since April 1, 2021.
The list included several financial firms including Bajaj Auto Consumer Finance Ltd, Piramal Enterprises Ltd, Groww Creditserv Technology Private Ltd, and JSW One Finance Ltd.
The RBI said, “The list is subject to change due to post-registration developments like conversion, amalgamation, or cancellation.”
The RBI further clarified that there is no separate procedure for foreign-owned or controlled companies applying for NBFC registration, although the assessment may be guided by other applicable regulations.
The RBI also said that as per its citizens' charter, the indicative timeline for granting registration to NBFCs is approximately 45 days, provided that the applications submitted are complete.
"However, this timeframe excludes the date of application and may vary depending on the nature and quality of the documents submitted,” it said.
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