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The organization which is registered under companies act 2013 or 1956 and which facilitate financing activity such as loan, savings, and insurance to the needy people or to those who are incapable of getting a loan from banks and other financial institutions due to lack of proper facilities and documentations. We can say that these companies are a cluster of banking services to help meet the financial requirements of low-income people.
MFI is eligible to provide the loan or give credit up to 50,000 in the rural area and 1.25 lakh in the urban area to small businesses or to low-income people.
Non- Banking Finance Company (duly registered with RBI) and Section 8 company (no registration from RBI is required for this) are the two most ideal forms of business which can run as Micro Finance Institutions (MFIs)
Prerequisite and process of registration:
Pre-requisite and process of registration of MFI as NBFC (a company registered with RBI):
➲ Minimum net owned fund of 2 crores.
➲ Company sho
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