/ NBFC-ICC Licence · Updated 2026-10-23

How to Apply NBFC-ICC Licence RBI Step-by-Step India, 6-12 month RBI licensing process.

NBFC-ICC (Investment and Credit Company) RBI licence for lending + specific financial services: 6-12 month application + approval process. Minimum net worth INR 2 crore (specific sub-category INR 5-10 crore). Specific KYC + promoter + director + capital adequacy requirements. BQP has co-ordinated multiple NBFC licence applications. Here's the complete 2026 step-by-step framework.

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Written by CA Durgesh Chavda

Chartered Accountant (ICAI) · Founder, Bharat Quantum Prospera · US incorporation, India-US DTAA, FEMA ODI, NRI taxation, cross-border structuring · LinkedIn

/ Pre-application preparation

What to assemble.

Indian company (Pvt Ltd) with specific NBFC-eligible object clause in MOA.
Minimum net worth INR 2 crore (NBFC-ICC base; higher for NBFC-ND-SI).
Promoter + director 'fit and proper' documentation.
Business plan: lending segment + risk framework + customer target + geography.
IT infrastructure: core lending platform + data localisation per RBI requirements.
CTO / CRO / Compliance Officer identified.
Capital adequacy structuring + Tier 1 + Tier 2 capital planning.
FDI structure if foreign shareholder (Pricing Rule 21 + FEMA FDI compliance).

/ Application via Form NBFC-RBI

The RBI filing.

Online application via RBI's COSMOS portal (NBFC application module).
Form NBFC-RBI: comprehensive application form.
Attach: incorporation certificate, MOA/AOA, net worth certificate (CA-signed), promoter + director profiles, business plan, system architecture, CTO/CRO/Compliance Officer appointment letters.
Application fee + specific state fees.
CA/legal certification on specific aspects.

/ RBI review + examination

6-12 month cycle.

RBI pre-screening (1-2 months): completeness of application.
Promoter + director background check + fit-and-proper review.
Specific industry background verification.
Capital adequacy + risk framework review.
IT infrastructure inspection + security assessment.
RBI typically visits applicant's premises for specific validation.
Response to RBI queries (iterative).
In-principle approval if satisfactory - typically 6-12 months from application.

/ Post-in-principle approval + Certificate of Registration

The final step.

In-principle approval valid 1 year - applicant must demonstrate operational readiness.
CTO + CRO + Compliance Officer formally appointed.
Lending platform operational.
Specific risk management + ALM policies finalised.
RBI inspection for Certificate of Registration (CoR) issuance.
CoR issued - NBFC can commence operations.
Ongoing compliance: monthly / quarterly RBI returns + annual Audit Report + Scale-Based Regulation (SBR) classification monitoring.

Last updated: 2026-10-23.

/ Ready when you are

Setting up NBFC-ICC for lending in India?

6-12 month RBI licence process + Scale-Based Regulation + ongoing compliance. BQP NBFC specialist practice.

Get a firm quote → WhatsApp Durgesh

FAQ

Common questions, answered.

How long does NBFC licence take?

6-12 months from application to Certificate of Registration (CoR). Faster (4-6 months) if application well-documented + no RBI queries. Slower (12-18 months) if specific regulatory concerns + extended Q&A. In-principle approval precedes CoR - typically 6-9 months to in-principle.

What's the minimum net worth?

NBFC-ICC: INR 2 crore minimum. NBFC-ND-SI (Systemically Important Non-Deposit): INR 10 crore. NBFC-MFI (Microfinance): INR 5 crore urban / INR 2 crore rural. NBFC-AA (Account Aggregator): INR 2 crore. Specific category requires specific minimum. BQP evaluates optimal category per business.

Can foreign shareholder own NBFC?

Yes - FDI permitted up to specified sector cap (100% in most NBFC categories post 2016 reform). Pricing per Rule 21 Non-Debt Instrument Rules. FC-GPR filing within 30 days of allotment. Press Note 3 beneficial ownership verification. BQP integrates FEMA FDI + NBFC licence.

What's RBI SBR (Scale-Based Regulation)?

RBI's Scale-Based Regulatory framework (2021): classifies NBFCs into Base Layer / Middle Layer / Upper Layer / Top Layer based on size + systemic importance. Additional compliance obligations for Middle + Upper + Top Layer. Current NBFCs placed in specific layers based on asset size + specific criteria.

Does BQP handle NBFC licence application + ongoing compliance?

Yes - specialist NBFC practice. Application preparation + CTO/CRO/Compliance Officer appointment + business plan drafting + IT infrastructure structuring + capital adequacy + RBI query response + in-principle to CoR + ongoing SBR compliance + Scale-Based framework. Co-ordinated with regulatory counsel. WhatsApp +91 78018 87130.