NBFC for Sale in India: 2026 Ultimate Guide to Buy NBFC Safely & Legally

NBFC for Sale in India is increasingly becoming a preferred route for businesses looking to enter the financial services sector quickly without going through the lengthy RBI registration process. In today's regulatory environment, acquiring an existing NBFC can significantly reduce time-to-market, provided the transaction is structured in compliance with RBI norms.

In simple terms… NBFC for Sale in India means purchasing an already operational or dormant NBFC company with an existing RBI registration. From a compliance perspective… It involves transfer of ownership and control, which triggers regulatory approval under RBI guidelines. Legally speaking… It is governed under Section 45-IA of the RBI Act, along with RBI Master Directions on NBFCs and change in control provisions.

Particulars Details Governing Law RBI Act, 1934 Regulator Reserve Bank of India (RBI) Key Guidelines Change in Control & Management Directions Applicable Provisions Section 45-IA, RBI Master Directions Approval Requirement Mandatory RBI approval As per applicable regulatory guidelines, any takeover involving: Change in shareholding beyond 26% Change in directors or management Transfer of control requires prior RBI approval.

✔ Fintech startups entering lending space ✔ Existing financial institutions expanding operations ✔ Investors looking for ready financial infrastructure ✔ Foreign entities (through compliant structure) ✔ Businesses planning digital lending platforms

Criteria Requirement Practical Insight Financial Strength Net worth & funding capacity RBI evaluates promoter capability Clean Background No criminal/financial fraud record KYC of directors is critical Experience Financial sector exposure preferred Not mandatory but beneficial Business Plan Clear lending/business model Required for RBI approval Compliance Track Record Target NBFC must be compliant Non-compliant NBFC = high risk

Document Purpose Mandatory Share Purchase Agreement (SPA) Defines transaction terms Yes Net Worth Proof Financial capability of buyer Yes KYC of Directors Identity verification Yes Board Resolution Approval for acquisition Yes Business Plan Future operations Yes Due Diligence Report Risk evaluation Strongly recommended

Step 1: Identify a suitable NBFC (active or dormant) Step 2: Conduct detailed legal and financial due diligence Step 3: Finalise valuation and execute Share Purchase Agreement Step 4: Apply to RBI for approval of change in control Step 5: RBI reviews promoter background and compliance Step 6: Post approval, transfer shares and appoint new directors Step 7: File post-acquisition compliance with ROC & RBI

Component Cost Range NBFC Purchase Cost ₹50 lakh to ₹5 crore+ (varies widely) RBI Application Fees Nil (but professional costs apply) Legal & Due Diligence ₹2 lakh – ₹10 lakh Professional Fees ₹3 lakh – ₹15 lakh

Stage Timeline Remarks Due Diligence 2–4 weeks Critical stage Documentation 2–3 weeks SPA & filings RBI Approval 2–4 months Depends on case Post Transfer Compliance 2–3 weeks ROC + RBI filings

✔ Filing intimation with RBI ✔ Updating directors in ROC ✔ Compliance with RBI returns (NBS returns) ✔ KYC/AML adherence ✔ Statutory audit & reporting Under governing regulations, NBFC must continue: Prudential norms compliance Capital adequacy requirements Fair practices code

❌ Ignoring past non-compliance of NBFC ❌ Not checking pending RBI notices ❌ Buying shell NBFC without activity history ❌ Weak documentation for RBI approval ❌ Lack of proper business plan Practical Compliance Risks (Expert Insight) ✔ RBI may reject application if promoters lack credibility ✔ Hidden liabilities may exist in acquired NBFC ✔ Non-compliant NBFC can lead to license cancellation ✔ Delay in RBI approval due to incomplete documentation Why Professional Support Matters ✔ Ensures RBI approval readiness ✔ Conducts deep due diligence ✔ Structures transaction legally ✔ Avoids regulatory rejection ✔ Saves time and cost

Before proceeding with any NBFC for Sale in India, a multi-layer due diligence must be conducted. 1. Regulatory Due Diligence ✔ Verify RBI Certificate of Registration (CoR) validity ✔ Check whether NBFC is active, dormant, or under scrutiny ✔ Review RBI inspection reports (if any) ✔ Identify pending regulatory filings 2. Financial Due Diligence ✔ Review last 3–5 years audited financials ✔ Analyse loan book quality (if active NBFC) ✔ Check NPAs and provisioning status ✔ Verify capital adequacy ratio (CRAR) 3. Legal Due Diligence ✔ Check pending litigations or notices ✔ Verify shareholding structure ✔ Confirm no hidden liabilities ✔ Validate contracts and agreements 4. Compliance Due Diligence ✔ Ensure all RBI returns (NBS forms) are filed ✔ Check KYC/AML compliance framework ✔ Verify statutory audit completion ✔ Review board meeting and governance records 5. Business Due Diligence ✔ Understand past business model ✔ Evaluate scalability of NBFC ✔ Check existing client portfolio ✔ Assess technology infrastructure

Type of NBFC Description Suitability Investment & Credit Company (ICC) Lending + investment activities Most common Microfinance NBFC (NBFC-MFI) Small-ticket loans to low-income groups Regulated niche Infrastructure Finance Company Large-scale infrastructure funding High capital requirement Core Investment Company (CIC) Group holding structure Corporate groups Non-Operative Financial Holding Company (NOFHC) Banking group structure Rare

Particulars NBFC for Sale Fresh NBFC Registration Time 2–4 months 6–12 months RBI Scrutiny Moderate High Cost Higher upfront Lower initial Risk Depends on past compliance Cleaner structure Flexibility Limited (existing structure) Fully customizable Practical Insight: If speed is critical, acquisition is preferred. If long-term structure matters, fresh registration may be better.

According to governing regulations, RBI closely evaluates promoter credibility. Common rejection triggers: ❌ Unexplained source of funds ❌ Weak financial profile of promoters ❌ Negative CIBIL / banking history ❌ Lack of relevant experience ❌ Poor compliance history of NBFC

✔ Launching digital lending platforms ✔ Entering fintech / BNPL space ✔ Building loan marketplace ✔ Structured lending to MSMEs ✔ Asset-backed financing models 💡 Taxation & Accounting Considerations From a practical perspective… ✔ Share purchase is treated as capital transaction ✔ Stamp duty applicable on share transfer ✔ Goodwill valuation may arise ✔ Accounting treatment depends on deal structure 🌐 Foreign Investment in NBFC Acquisition Legally speaking… Foreign investment is permitted under automatic route, subject to: ✔ Compliance with FEMA regulations ✔ Minimum capitalisation norms ✔ Sectoral caps (if applicable) ✔ KYC of foreign investors 📌 Key Clauses in NBFC Share Purchase Agreement (SPA) ✔ Purchase consideration & payment terms ✔ Representations & warranties ✔ Indemnity clause ✔ Regulatory approval condition ✔ Non-compete clause 🔄 Post-Acquisition Business Setup Strategy After acquiring NBFC: ✔ Redesign business model (if needed) ✔ Build lending technology platform ✔ Establish risk & credit policy ✔ Hire compliance and operations team ✔ Start pilot lending ⚠️ Hidden Risks You Must Evaluate ✔ Dummy NBFCs with no operations ✔ NBFCs with non-performing assets ✔ Regulatory non-compliance history ✔ Pending RBI penalties ✔ Weak governance framework 📊 Real-World Example (Understanding Scenario) Case Insight: A fintech startup planning to launch a lending app: Instead of waiting 9 months for NBFC registration They acquired a compliant NBFC Completed RBI approval in 3 months Started operations within 120 days Outcome: Faster market entry + competitive advantage 🧭 Why This Route is Gaining Popularity ✔ Time efficiency ✔ Ready regulatory framework ✔ Faster funding opportunities ✔ Immediate operational capability

Before proceeding with an NBFC for Sale in India, a promoter must take a structured decision. Ask Yourself These 5 Critical Questions: ✔ Do you need quick market entry (within 3–4 months)? ✔ Do you have strong funding + governance capability? ✔ Can you handle ongoing RBI compliance rigor? ✔ Is the target NBFC clean and compliant? ✔ Do you have a clear business model (lending / fintech / structured finance)? 📊 Decision Matrix Scenario Recommendation Urgent business launch Buy NBFC Long-term structured plan Fresh NBFC Limited budget Fresh NBFC Strong investor backing Buy NBFC Fintech launch Buy NBFC 🔍 NBFC Categories – Strategic Selection Guide Business Goal Recommended NBFC Type Digital lending app NBFC-ICC Micro lending NBFC-MFI Group holding structure CIC Infrastructure finance IFC

From a practical compliance perspective, NBFC acquisition can be structured in multiple ways: 1. 100% Share Acquisition ✔ Complete control transfer ✔ Most common structure ✔ Requires RBI approval 2. Majority Stake Acquisition (>51%) ✔ Control with partial ownership ✔ Useful for joint ventures ✔ RBI approval required 3. Phased Acquisition ✔ Initial minority stake → later control ✔ Used to reduce risk ✔ Structuring must be carefully planned 4. Strategic Investment with Management Control ✔ Investor controls board ✔ Promoter retains shares ✔ Complex RBI evaluation ⚖️ Key Legal Triggers in NBFC Acquisition Under relevant provisions, the following trigger RBI approval: ✔ Change in shareholding > 26% ✔ Change in directors ✔ Change in management control ✔ Merger or restructuring 🔐 Corporate Governance Expectations from RBI RBI does not only approve — it evaluates intent and governance strength. Expected Standards: ✔ Independent directors (in certain cases) ✔ Strong internal audit system ✔ Risk management framework ✔ Fair lending practices ✔ Board-level oversight 📉 What Happens If NBFC is Non-Compliant ⚠️ Serious Consequences: ❌ RBI may reject acquisition ❌ License may be cancelled ❌ Financial penalties may apply ❌ Business operations may be restricted 📊 Financial Indicators You MUST Evaluate Before buying NBFC: ✔ Net Owned Funds (NOF) ✔ Capital Adequacy Ratio (CRAR) ✔ Asset Quality (NPA %) ✔ Profitability trends ✔ Borrowing profile 📈 Future Trends in NBFC Acquisition (India) ✔ Rise in fintech-led acquisitions ✔ RBI tightening governance norms ✔ Increased scrutiny on digital lending ✔ Shift towards compliance-heavy operations

Phase 1: Regulatory Alignment (0–30 Days) ✔ Complete RBI filings ✔ Update board & KYC ✔ Define business strategy Phase 2: System Setup (30–60 Days) ✔ Lending platform setup ✔ Compliance system ✔ Policy framework Phase 3: Go-Live (60–90 Days) ✔ Pilot lending ✔ Risk monitoring ✔ Scale operations 📌 Client-Level Practical Concerns (Real Queries We See) ✔ “Can I start lending immediately?” ✔ “Will RBI question my funding source?” ✔ “Is NBFC acquisition safer than fresh license?” ✔ “What if previous owner has done non-compliance?” 👉 These are not theoretical — these are actual deal-breaking concerns.

“Acquiring an NBFC is not merely a commercial transaction—it is a regulatory transition. The Reserve Bank evaluates not just the entity, but the intent, governance capability, and long-term commitment of the incoming promoters.” — CS Devyani Khambhati, Compliance Expert

NBFC for Sale in India offers a strategic shortcut to enter the regulated financial ecosystem. However, this route demands careful planning, strict compliance, and strong regulatory understanding. With proper due diligence and professional structuring, it can become a powerful entry point into India's growing lending and fintech sector.

Section 1: Basic Understanding Q1. What does “NBFC for sale” mean in India? It means purchasing an existing RBI-registered NBFC instead of applying for a new licence. This is typically done through share acquisition or takeover. Q2. Why do businesses prefer buying an NBFC instead of registering a new one? Buying an NBFC saves time and regulatory effort. Key benefits include: Immediate operational readiness, Avoiding long RBI approval timelines, Existing compliance structure. Q3. Is purchasing an NBFC legal in India? Yes, it is legal, provided RBI approval is obtained for change in control and shareholding, as per regulatory guidelines. Q4. What is a “ready-made NBFC”? A ready-made NBFC is an already incorporated and RBI-registered entity available for takeover with no or minimal operations. Q5. Who regulates NBFC sales in India? The Reserve Bank of India (RBI) regulates all NBFC ownership changes under its Master Directions and approval framework. Q6. Can a startup buy an NBFC? Yes, startups can acquire NBFCs if they meet fit and proper criteria and obtain RBI approval. Q7. What types of NBFCs are available for sale? Common types include: NBFC-ICC (Investment & Credit Company), NBFC-MFI, NBFC-Factor, Core Investment Company. Q8. Does buying an NBFC mean automatic RBI approval? No, RBI approval is mandatory before completing the transaction. Q9. What is the minimum capital requirement for an NBFC? As per current regulations, the minimum Net Owned Fund (NOF) is ₹10 crore. Q10. Can I operate immediately after buying an NBFC? Only after RBI approval and completion of share transfer and compliance formalities. Q11. What is change in control in NBFC acquisition? It refers to transfer of ownership or management requiring prior RBI approval. Q12. Is NBFC acquisition faster than new registration? Yes, acquisition is significantly faster compared to fresh licensing. Q13. Can foreign investors buy an NBFC in India? Yes, subject to FEMA and RBI regulations. Q14. Is due diligence required before buying an NBFC? Absolutely. Financial, legal, and regulatory due diligence is critical. Q15. What is the main advantage of buying a dormant NBFC? Lower compliance risk and clean track record. Section 2: Eligibility & Applicability Q16. Who can buy an NBFC in India? Individuals, companies, or investors meeting RBI fit and proper criteria. Q17. What is the “fit and proper” criteria? It includes: Clean financial track record, No criminal background, Relevant experience. Q18. Can a foreign company acquire an NBFC? Yes, subject to FDI norms and RBI approval. Q19. Is prior experience in finance required? Not mandatory but preferred for RBI approval. Q20. Can a partnership firm acquire an NBFC? No, NBFC must be held by a company structure. Q21. Can directors be changed after acquisition? Yes, but RBI approval is required. Q22. Can a fintech startup acquire an NBFC? Yes, many fintechs use this route for lending operations. Q23. Is there any net worth requirement for buyers? Yes, buyers must demonstrate financial strength. Q24. Can multiple investors jointly acquire an NBFC? Yes, subject to approval and shareholding structure. Q25. Can I buy an NBFC without RBI approval? No, it is strictly prohibited. Q26. Is there any restriction on shareholding percentage? Yes, significant changes trigger RBI approval. Q27. Can an existing NBFC merge with another company? Yes, subject to RBI and NCLT approval. Q28. Can NRIs invest in NBFC acquisition? Yes, under FEMA guidelines. Q29. Is PAN and KYC mandatory for buyers? Yes, as per regulatory requirements. Q30. Can an NBFC be acquired for digital lending? Yes, widely used for fintech lending models. Section 3: Registration Process Q31. What is the process to buy an NBFC? The process includes: Due diligence, Share purchase agreement, RBI approval, Transfer of control. Q32. Is RBI approval required before share transfer? Yes, prior approval is mandatory. Q33. What documents are submitted to RBI? Includes: Shareholding details, Director profiles, Financial statements. Q34. What is the role of CA/CS in NBFC acquisition? They handle compliance, documentation, and regulatory filings. Q35. Can the process be done online? Partially; RBI filings are digital but documentation is extensive. Q36. What is a Share Purchase Agreement (SPA)? Legal document for transfer of ownership. Q37. Is public notice required? Yes, in newspapers before ownership change. Q38. How many approvals are required? Mainly RBI approval, plus ROC updates. Q39. Can NBFC name be changed after acquisition? Yes, with ROC approval. Q40. What is post-acquisition compliance? Includes updating RBI, KYC, and regulatory filings. Section 4: Documents & Requirements Q41. What documents are needed for NBFC purchase? Key documents include: KYC of directors, Financial statements, Business plan. Q42. Is a business plan required? Yes, RBI evaluates future operations. Q43. Are audited financials mandatory? Yes, for due diligence. Q44. Is bank statement required? Yes, to assess financial capability. Q45. Is board resolution needed? Yes, for approving acquisition. Q46. Is a net worth certificate required? Yes, certified by a CA. Q47. Are director DIN and DSC required? Yes, mandatory for filings. Q48. Is legal due diligence report required? Yes, highly recommended. Q49. Are past RBI filings reviewed? Yes, to ensure compliance history. Q50. Is GST registration required? Depends on business operations. Section 5: Fees & Cost Q51. What is the cost of buying an NBFC? It ranges from ₹50 lakh to ₹2 crore depending on type and compliance. Q52. Why are NBFCs expensive? Due to regulatory approvals and capital requirements. Q53. Are there professional fees involved? Yes: Legal fees, CA/CS fees, Advisory charges. Q54. Is stamp duty applicable? Yes, on share transfer. Q55. Are RBI fees applicable? No direct fee, but compliance cost exists. Q56. Is GST applicable on NBFC sale? Generally not on share transfer. Q57. What affects NBFC pricing? Factors include: Clean compliance record, Capital base, Operational status. Q58. Is dormant NBFC cheaper? Yes, comparatively. Q59. Are hidden costs involved? Yes, including compliance and restructuring costs. Q60. Can price be negotiated? Yes, based on due diligence findings. Section 6: Timeline & Approval Q61. How long does NBFC acquisition take? Typically 3–6 months. Q62. What delays RBI approval? Common reasons: Incomplete documents, Weak financials. Q63. Can the process be fast-tracked? Not officially; depends on compliance readiness. Q64. When can operations begin? After RBI approval and ownership transfer. Q65. Is there a validity period for approval? Yes, as per RBI communication. Section 7: Compliance & Post-Registration Q66. What compliance is required after acquisition? Includes: RBI returns, KYC norms, Audit compliance. Q67. Is statutory audit mandatory? Yes, annually. Q68. Are RBI returns compulsory? Yes, periodic filings are mandatory. Q69. Can business model be changed? Yes, with RBI intimation/approval. Q70. Is AML compliance required? Yes, under PMLA guidelines. Q81. Is it mandatory to appoint a compliance officer in an NBFC? Yes, as per regulatory expectations, NBFCs must ensure compliance oversight. Typically includes: Compliance officer or designated official, Internal control systems. Q82. Are KYC norms mandatory for NBFC operations? Yes, strict KYC and customer due diligence is required under PMLA guidelines. Q83. Is internal audit required for NBFCs? Yes, internal audit helps ensure ongoing regulatory compliance and risk management. Q84. What are RBI reporting requirements after acquisition? NBFCs must file: NBS returns, Statutory filings, Annual compliance reports. Q85. Can NBFC outsource operations after acquisition? Yes, but outsourcing must comply with RBI outsourcing guidelines. Q86. Is data protection compliance required for NBFCs? Yes, especially for digital lending, data privacy and security norms must be followed. Q87. Are board meetings mandatory post-acquisition? Yes, as per Companies Act and governance norms. Q88. Can NBFC change its registered office after acquisition? Yes, with ROC filing and RBI intimation. Q89. Is credit policy mandatory for NBFCs? Yes, NBFC must define lending and risk policies. Q90. Can NBFC engage in multiple financial activities? Yes, within the scope of its registration and RBI guidelines. Section 8: Penalties & Risks Q71. What happens if NBFC operates without RBI approval? It is illegal and may lead to heavy penalties. Q72. What are risks in buying NBFC? Key risks include: Hidden liabilities, Non-compliance. Q73. Can RBI cancel NBFC licence? Yes, for violations. Q74. Is due diligence mandatory? Not legally mandatory but critical. Q91. What happens if RBI approval is not obtained before acquisition? The transaction becomes invalid and may attract regulatory penalties. Q92. Can directors be penalised for non-compliance? Yes, directors may face: Monetary penalties, Disqualification risks. Q93. What are the risks of buying a non-compliant NBFC? Major risks include: Licence cancellation, Legal liabilities. Q94. What happens if NBFC fails to meet capital requirements? RBI may impose restrictions or cancel registration. Q95. Is there a penalty for non-filing of RBI returns? Yes, penalties and compliance actions may be imposed. Q96. Can RBI inspect NBFC after acquisition? Yes, RBI can conduct inspections at any time. Q97. What happens if NBFC violates KYC norms? It may attract penalties under PMLA and RBI regulations. Q98. Can NBFC be blacklisted? Yes, in severe cases of non-compliance. Q99. What are risks in undervaluing NBFC during acquisition? It may raise tax and regulatory scrutiny. Q100. Is it risky to buy NBFC without legal verification? Yes, it may expose buyers to hidden liabilities and compliance breaches. Section 9: Practical Scenarios Q75. Can I use NBFC for fintech lending? Yes, widely used model. Q76. Can NBFC lend without physical branch? Yes, digital lending is allowed. Q77. Can NBFC accept deposits? Only if specifically licensed. Q101. Can I buy an NBFC and later change its business model? Yes, but RBI intimation or approval may be required depending on changes. Q102. Can NBFC be used for personal lending business? Yes, subject to RBI lending norms and policies. Q103. Can NBFC operate fully digitally? Yes, digital lending is permitted under RBI guidelines. Q104. Can NBFC issue loans without collateral? Yes, unsecured lending is allowed based on risk assessment. Q105. Can NBFC partner with fintech companies? Yes, through co-lending or digital partnerships. Q106. Can NBFC acquire another NBFC? Yes, subject to RBI approval. Q107. Can NBFC operate across India? Yes, NBFCs can operate nationwide. Q108. Can NBFC provide business loans to MSMEs? Yes, it is one of the primary activities. Q109. Can NBFC finance vehicle loans? Yes, vehicle financing is a common NBFC activity. Q110. Can NBFC provide EMI-based consumer loans? Yes, subject to compliance with lending guidelines. Q111. Can NBFC work with e-commerce platforms? Yes, for consumer financing and BNPL models. Q112. Can NBFC issue credit cards? Only with RBI approval and partnership with banks. Q113. Can NBFC raise funds from banks? Yes, through borrowing or credit lines. Q114. Can NBFC lend to group companies? Yes, within exposure norms. Q115. Can NBFC be used for startup funding? Yes, through structured lending models. Section 10: Advanced / Expert-Level Questions Q78. Can NBFC be converted into bank? Yes, subject to RBI approval and strict conditions. Q79. Can NBFC raise foreign funding? Yes, under FEMA norms. Q80. Can NBFC do co-lending? Yes, with banks/NBFCs under RBI guidelines. Q116. What is the RBI approval threshold for change in shareholding? Any substantial change in ownership or control requires prior RBI approval. Q117. Can NBFC be converted into a Core Investment Company (CIC)? Yes, subject to RBI conditions and business restructuring. Q118. What is the role of NOF in NBFC acquisition? Net Owned Fund ensures financial strength and regulatory eligibility. Q119. Can NBFC undertake cross-border lending? Yes, subject to FEMA and RBI guidelines. Q120. Can NBFC issue debentures after acquisition? Yes, through compliant issuance structures. Q121. Is it mandatory to maintain capital adequacy ratio? Yes, NBFCs must comply with CRAR norms. Q122. Can NBFC securitise its loan portfolio? Yes, as per RBI securitisation guidelines. Q123. What are prudential norms applicable to NBFCs? Includes: Income recognition, Asset classification, Provisioning norms. Q124. Can NBFC engage in co-lending with banks? Yes, under RBI co-lending framework. Q125. Can NBFC undertake factoring business? Yes, with proper registration. Q126. What is leverage ratio in NBFC context? It defines borrowing limits based on capital. Q127. Can NBFC issue commercial papers? Yes, subject to eligibility. Q128. Can NBFC convert into Small Finance Bank? Yes, subject to RBI licensing norms. Q129. What are corporate governance requirements for NBFCs? Includes: Independent directors, Audit committees. Q130. Can NBFC accept public deposits after acquisition? Only if it holds deposit-taking licence. Q131. Can NBFC list on stock exchange? Yes, subject to SEBI and RBI norms. Q132. Can NBFC be wound up voluntarily? Yes, with RBI and NCLT procedures. Q133. What is risk-based supervision in NBFCs? RBI monitors NBFCs based on risk profile. Q134. Can NBFC use FLDG model in fintech? Yes, subject to RBI digital lending guidelines. Q135. Can NBFC outsource loan recovery? Yes, but must follow RBI fair practices code. Q136. What is Fair Practices Code for NBFCs? It ensures ethical lending and transparency. Q137. Can NBFC use AI for credit assessment? Yes, provided data privacy norms are followed. Q138. What is regulatory reporting frequency for NBFCs? Monthly, quarterly, and annual filings. Q139. Can NBFC provide gold loans? Yes, under secured lending norms. Q140. Can NBFC operate internationally? Limited, subject to FEMA compliance. Q141. Can NBFC merge with a bank? Yes, subject to regulatory approvals. Q142. What is stress testing in NBFCs? It assesses financial resilience. Q143. Can NBFC invest in AIFs? Yes, subject to RBI exposure norms. Q144. Can NBFC undertake leasing business? Yes, leasing is permitted activity. Q145. What is liquidity risk management in NBFCs? It ensures adequate cash flow management. Q146. Can NBFC issue prepaid instruments? Only with RBI authorisation. Q147. What is scale-based regulation for NBFCs? RBI classifies NBFCs based on size and risk. Q148. Can NBFC act as payment aggregator? Only with separate RBI licence. Q149. What is ICAAP for NBFCs? Internal Capital Adequacy Assessment Process for risk evaluation. Q150. Can NBFC be used for structured finance deals? Yes, NBFCs are widely used for structured lending and financial engineering.