Audit for NBFC

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Audit for NBFC

In India, there was liberalization since 1991 with markets opening to various banking and financial sectors. With this development, there was an influx of banking institutions that offered services to the public. NBFCs came into light with the view of offering various banking and microfinance services for the development of the economy. NBFC's contribute to the development of rural areas by providing various microfinance activities. These activities will add on to the development of the Indian economy. However, NBFC's have to be vigilant went it comes to auditing and compliance monitoring requirements. These are prone to various scandals and misuse of public funds. Fintechasia NBFC Audit service has started to suite the compliance requirements of an NBFC.

Scope of Audit for NBFC Service

Fintechasia is the largest advisory in Asia to serve the business needs of NBFCs. To achieve this, we have dedicated professionals who are Chartered Accountants, Lawyers and Company Secretaries. Through our NBFC Audit service, we aim to ensure that statutory compliance for an NBFC is completed regularly. This can be achieved through research and diligence by a team of expert professionals.

Why use Fintechasia NBFC Audit Service?

  • Using our NBFC audit service will provide your business with the best industry knowledge regarding compliance requirements for an NBFC.
  • Our service will provide you with updated requirements regarding NBFC functioning, compliance, audit and monitoring the market regularly
  • This service would also assure you that the investment that you make in an NBFC is a profitable investment by ensuring that the NBFC is compliant with the laws.
  • Statutory compliance and audit are done regularly to ensure that the institutions are compliant with the laws of the land.
  • Auditing will help you make an informed decision whether or not to invest in the NBFC.
  • Statutory auditing will also ensure that financial accounts are accurate
  • This will prevent unlawful activities and corruption in the NBFC.
  • An audit will not only include the financial audit, but it will cover corporate governance and legal audit.

Service Process in Brief

There are different types of NBFC in India. Some of the NBFCs are:

  • Asset Finance Company (AFC)
  • Investment Company (IC)
  • Loan Company (LC)
  • Infrastructure Finance Company (IFC)
  • Core Investment Company (CIC)

So there are different compliances and audit requirements for the above companies. For example- a loan company (LC) or an investment company (IC) should have financial assets and income above 50% of the total assets and total income. Similarly, in the case of an Infrastructure company, a minimum of 75% of total assets should be deployed in infrastructural loans, and finance income should be more than 50% of the total income.

Therefore the audit and regulatory compliance requirements for various NBFC’s are different.

Our service will cover the following aspects:

  • Due Diligence of NBFC
  • Compliance with Foreign Exchange Management Laws
  • Compliance with the requirements of the Reserve Bank of India- such as the requirement for starting an NBFC is 2 Crore
  • Auditing/ Monitoring of NBFCs
  • KYC checks of NBFC
  • KYC checks of NBFC
  • Board Structure and Corporate Governance Matters
  • Financial audit of NBFC
  • Regular submission of documents to the RBI.
  • Credit Checks of NBFC
  • Any other audit and compliance matters

Fintechasia considers your best interests; therefore, NBFC audit service is crucial for all businesses that want to have the company of NBFC.

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Benefits of taking NBFC Audit Service

Fintechasia service would help you ensure that your investment in an NBFC business is fruitful for your business needs. By taking this service, you would not get into any legal issues or notices from any statutory authority for any form of non-compliance with the services. Apart from this, the service will provide you with updates on any changes in the law and how to comply with it

Growth Opportunities

By taking this service, your business can concentrate on the main activities of NBFC- microfinance activities and other activities which help in the development of the economy. Your business will not have to spend unnecessary time on different types of audit for NBFC.

Frequently Asked Questions

NBFC audit is checking whether the NBFC is compliant with the rules and regulations that govern NBFCs in India. NBFC audit covers the following:
  • • Governance Norms of NBFC
  • • Internal Audit
  • • Legal Compliance
  • • Any other compliance with respect to NBFC
Yes, in the present scenario due to various mismanagement's of NBFC in India, it is crucial to carry out NBFC audit on a regular basis.

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What Our Client Is Saying

Wuhan Ching

Wuhan Ching


Right from NBFC consultation to Auditing Services, Fintechasia is a one stop shop for all your professional needs. They were very courteous and professional in their approach. We would definitely recommend their service to anyone seeking professional help

Tobby Carioca

Tobby Carioca


Fintechasia has provided me exceptional service when I consulted them for my NBFC business. From initial consultation to registering my NBFC business they were proficient and expert in their advice. I would highly recommend them for NBFC services.

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