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NBFC-MFI checklist for RBI License:

  1. Board resolution stating that: the company will be a member of all the Credit Information Companies and will be a member of at least one Self Regulatory Organization.
  2. The company will adhere to the regulations regarding pricing of credit, Fair Practices in lending and non-coercive method of recovery as per RBI Guidelines.
  3. The company has fixed internal exposure limits to avoid any undesirable concentration in specific geographical locations.
  4. The company is not licensed under Section 25 of the Companies Act, 1956 / Section 8 of the Companies Act, 2013.
  5. Road-map for achieving 85% qualifying assets.