- +91 80768 85539
- info@expertvuw.com
- Pan-India service available.
Home / NBFC & Fintech / NBFC Registration (RBI COR)
RBI expects a three-year business plan specific to your NBFC category, not a template adapted from someone else’s filing. CS Chetna Shoor drafts the plan and financial projections she’d personally sign off on before it reaches RBI.
Every NBFC Certificate of Registration application requires a three-year business plan — projected balance sheets, target customer segments, a risk management policy, and a Fair Practices Code — and RBI reviews it as closely as the Net Owned Fund itself. A plan that reads as generic, or one adapted from a different NBFC category’s template, is one of the most common reasons an otherwise well-capitalized application draws a query instead of an approval.
This page is for promoters who need the business plan itself drafted properly — as a standalone deliverable, whether you’re managing your own CoR filing or working with us on the full registration. Chetna translates your actual lending or investment concept into the specific detail RBI expects for your category, with financial projections that reconcile against your NOF and growth plan rather than just looking plausible on paper.
Balance sheet, P&L, and capital adequacy modeling for the full projection period
A plan for an ICC looks materially different from one for an MFI, CIC, or P2P platform
Board-approved and specific to your actual lending model
Tailored disclosure and conduct commitments, not a copy-pasted template
RBI checks whether the plan describes one coherent business, not several unrelated ideas bundled together
The underlying legal basis requiring a business plan as part of any CoR application
RBI rejects over 40% of NBFC applications on the first attempt. Here’s what actually causes it.
A business plan adapted from a different category's template, or written broadly enough to fit "any lending business," is one of the fastest ways an application draws a query instead of an approval. RBI can tell the difference between a plan built for your specific model and one that could belong to any applicant.
RBI checks whether your three-year growth plan is actually fundable given your capital base and Principal Business Criteria — not just whether the numbers trend upward convincingly. A projection that implies growth your NOF can't realistically support is a mismatch RBI's reviewers are trained to catch.
An NBFC-MFI business plan needs qualifying-assets projections tracking toward the 60% threshold; a Core Investment Company plan needs asset composition modeling; a P2P plan needs escrow and technology architecture detail. Using the wrong template for your category is a mismatch RBI catches quickly, regardless of how polished the document otherwise looks.
The core structure is similar across categories, but the substance differs meaningfully.
Broad lending or investment model detail, but still needs a coherent, specific narrative — not a plan that could describe "any lending business."
Qualifying-assets projections tracking toward the 60% threshold, alongside a household income assessment framework.
Asset composition modeling against the 90% group-investment and 60% equity-holding tests.
Escrow and technology architecture, matching policy, and fund-flow mechanics documented alongside the financial projections.
We translate your lending or investment concept into the structure RBI expects for your specific category.
Category confirmed, and three-year financial projections built consistent with your NOF and growth plan.
Risk management policy, Fair Practices Code, and category-specific detail drafted into the plan.
The plan is reviewed and refined before delivery, checked for the coherence and category fit RBI will be looking for.
Delivered for your own filing or ours, with support to revise the plan if RBI raises questions about it specifically.
The business plan doesn’t stop mattering once it’s submitted — it shapes your first few years of actual compliance too.
Revision support if RBI raises questions about the plan specifically during review.
Alignment with your NOF certification and category classification throughout the filing.
Coordination with our NBFC Registration (RBI CoR) service for full filing management, if you need it.
The plan becomes a reference point for your first few years of actual compliance. See NBFC Annual RBI Compliance.
CS Chetna Shoor’s team replies within 4 hours on WhatsApp.
RBI expects a three-year business plan covering projected balance sheets and profit and loss statements, your target customer segments and lending or investment lines, a risk management policy, and a Fair Practices Code — all specific to your actual business model and NBFC category, not a generic overview of the lending industry.
RBI reviews the business plan for whether it describes one coherent, specific business rather than a template adapted from a different category or written broadly enough to apply to any lending business. A generic plan signals to RBI that the applicant hasn’t thought through their actual model, which invites a query rather than an approval.
Yes, meaningfully so. An NBFC-MFI plan needs qualifying-assets projections and a household income assessment framework, a Core Investment Company plan needs asset composition modeling, and a P2P plan needs escrow and technology architecture detail — using a generic or wrong-category template is a mismatch RBI’s reviewers catch quickly.
Your three-year financial projections need to be realistically fundable given your NOF and Principal Business Criteria — RBI checks whether the projected growth is consistent with your actual capital base, not just whether the numbers look impressive. A growth plan that implies scale your NOF can’t support is a red flag, not a strength.
Yes. We regularly help promoters revise a business plan in response to a specific RBI query, working from the actual query language to address what RBI flagged rather than rewriting the plan from scratch. This is often faster and more effective than resubmitting a broadly revised document.
Qualified Company Secretary · ICSI Member · Founder, Expertvuw Management Pvt Ltd
Chetna has guided NBFC promoters through RBI’s COR process end to end, with particular focus on structuring the Net Owned Fund and business plan so the application survives first-round RBI scrutiny rather than coming back with a query.