Pre-requisite and process of registration of MFI as NBFC (a company registered with RBI):

• ➲ Minimum net owned fund of 2 crores.
• ➲ Company should be registered under companies act 2013

  Existing Payment Aggregators shall achieve a net-worth of ₹15 crores by March 31, 2021, and a net-worth of ₹25 crores by the end of the third financial year, i.e., on or before March 31, 2023. All the time thereafter net-worth of ₹25 crores shall be maintained.

• ➲ Obtain a certificate after making a fixed deposit in the named company
• ➲ Get all the certified copy and complete the other RBI formalities.
• ➲ File online application
• ➲ Submit the application to RBI physically

  Pre-requisite and process of registration of MFI through section 8 companies:

• ➲ Company should be registered under companies act 2013, under section 8.
• ➲ Minimum two individuals who will act as the director of the company
• ➲ No net owned fund is required
• ➲ No RBI approval is required (The Reserve Bank of India through its master circular RBI/2015-16/15 DNBR (PD) CC.No.052/03.10.119/2015-16 Dated July 01 2015 has exempted all Sec 25 Companies engaged in microfinance activities.)

• ➲ Certificate of incorporation
• ➲ Certified copy of MOA stating financial activity as its main objective and AOA of company.
• ➲ Certified copy of MOA stating financial activity as its main objective and AOA of company.
• ➲ PAN and ID proof of directors/promoters
• ➲ Address proof for the registered office of companies.
• ➲ Audit report of the company (if the company is already existing)
• ➲ Bankers report

  Existing Payment Aggregators shall achieve a net-worth of ₹15 crores by March 31, 2021, and a net-worth of ₹25 crores by the end of the third financial year, i.e., on or before March 31, 2023. All the time thereafter net-worth of ₹25 crores shall be maintained.

• ➲ Other documents as perform of the company getting registered.