First formality is an incorporation of the applicant company under the Companies Act, 1956 or 2013, with Minimum Net Owned Fund of INR 2 crore (Equity Share Capital & not Preference Share Capital). Thereafter the applicant company needs to open a Bank Account and keep the entire sum of INR 2 crores in the bank’s deposit account, which should be free from all liens. The applicant is then required to apply for registration online on RBI’s official COSMOS website. Post submission of the form, CARN (Company Application Reference Number) is generated that is helpful in future references. Subsequently, the hard copies of all the documents are required to be submitted to the concerned Regional Office of RBI. The Regional Office shall scrutinize the authenticity of the documents and on being satisfied, shall forward it to the Central Office. The Central Office of RBI grants the NBFC registration only after the fulfilment of all prescribed requirements by the company under section 45-IA, of its act of 1934.

Full-fledged money changers are entities authorised by the Reserve Bank of India under Section 10 of the Foreign Exchange Management Act of 1999. FFMC requires a licence to receive foreign exchange from residents and non-residents visiting India, as well as to sell foreign exchange for explicitly specified uses. Every full-fledged money change must adhere to the Reserve Bank of India's circular on the Memorandum of Articles (MoA) of Instruction on Money Changing Activities. Click here to know more - Full Fledged Money Changers License