The Reserve Bank of India (RBI)

The Reserve Bank of India (RBI) is India’s central monetary authority, which regulates banks, non-banking financial companies and other important financial services and is also responsible for the management of foreign exchange reserves, control of inflation and for establishing the country’s monetary policy.

What types of firms need to be regulated by the RBI?

The types of firms that need to be regulated by the RBI are Private Sector Banks, Public Sector Banks, Foreign Banks setting up a representative office/branch in India, Non-Banking Financial Companies (NBFCs) and entities setting up Payment Systems.

What is the process for becoming regulated by the RBI?

Firms would need to make an application to the RBI in the prescribed format along with the required supporting documents and information. For Banks, once the banking license is granted by the RBI, further approvals would need to be obtained from various departments of the RBI before the commencement of business.

How long does the process take?

The process would take about three months, depending on the completeness of documentation submitted, the degree of risk involved, the background of managers and controllers and receipt of regulatory/supervisory inputs from the Ministry of Finance, Government of India.

How can CCL help?

CCL will partner with your Firm, guiding you through the whole application process. We will oversee every element of the application and provide you with all the required guidance to meet RBI’s requirements. We can also provide ongoing compliance support once you are authorised by the RBI.

We have a dedicated team of experienced compliance consultants who can provide expert assurance and peace of mind. Get in touch to see how we can help your Firm.