Non-Banking Financial Companies (NBFCs) play a crucial role in India’s financial ecosystem, providing lending and investment services outside the traditional banking sector. However, with increased regulatory scrutiny, NBFC compliance is now more critical than ever.
RBI has significantly tightened supervisory oversight through revised Master Directions, prudential norms, governance requirements, and enhanced reporting frameworks. As a result, NBFCs must maintain a robust compliance mechanism to avoid regulatory risks and penalties.
This guide provides a detailed NBFC compliance checklist and an annual compliance calendar to ensure your NBFC remains compliant throughout the year.
Failure to comply with RBI regulations for NBFCs can result in hefty fines, restrictions, and even revocation of licenses.
This guide provides a detailed NBFC compliance checklist and an annual compliance calendar to ensure your NBFC remains compliant throughout the year.
Why is NBFC Compliance Important?
The Reserve Bank of India (RBI) has strengthened regulatory oversight on NBFCs to ensure financial stability, customer protection, and risk management. With the introduction of Scale Based Regulation (SBR), NBFCs are now classified into:
- Base Layer (NBFC-BL)
- Middle Layer (NBFC-ML)
- Upper Layer (NBFC-UL)
- Top Layer (NBFC-TL)
Each category has different regulatory reporting requirements and supervisory scrutiny.
NBFC compliance ensures:
- Avoidance of penalties & fines
- Legal & financial credibility
- Better investor & customer trust
- Smooth business operations
- Strong corporate governance
- Improved risk management frameworks
Ignoring compliance obligations can lead to ₹10 lakh/day penalties and even the cancellation of your NBFC license.
RBI has recently intensified supervision and inspections, particularly focusing on:
- Governance failures
- AML and KYC non-compliance
- Inaccurate regulatory reporting
- Liquidity risk management issues
NBFC Compliance Calendar – 2026
Below is a structured NBFC compliance calendar categorized into annual, half-yearly, quarterly, monthly, and weekly filings.
Annual Compliance Requirements
| S. No. | Compliance Requirement | Description | Applicable NBFCs | Filing Deadline | Regulating Document |
| 1 | Statutory Auditor Certificate (DNBS10) | Confirmation of compliance with RBI norms | All NBFCs & Asset Reconstruction Companies (ARCs) | Within 5 days from approval of financial statement by the Board but not maximum by 31st December | RBI (Filing of Supervisory Returns) Directions, 2024 |
| 2 | Statutory Auditor Certificate for HFCs | Compliance certification for HFCs | Housing Finance Companies (HFCs) | 30th June | RBI (Returns HFC Circular) |
| 3 | FATF Compliance Certificate | Reporting investments from FATF non-compliant jurisdictions | Housing Finance Companies (HFCs) | 30th June | RBI Circular on FATF Compliance |
| 4 | Board Resolution for Public Deposits | Declaration on non- acceptance of public deposits | NBFC – Investment and Credit Companies (NBFC-ICC) | 30th April | NBFC Public Deposit Directions, 2016 |
| 5 | Board Resolution for Acquisition of Shares/Securities | Resolution regarding investment in group or subsidiary companies | All NBFCs investing in shares/securities | 30th April | NBFC Public Deposit Directions, 2016 |
| 6 | Appointment of Statutory Central Auditor (Form A) | Certification of appointed statutory auditors | All NBFCs | 30th April | RBI (Filing of Supervisory Returns) Directions, 2024 |
| 7 | Income Tax Return (ITR Filing) | Filing of annual tax returns with authorities | All NBFCs | 31st July | Income Tax Act |
| 8 | Balance Sheet & Profit/Loss Statement | Submission of annual financial statements | All NBFCs | 30th September | RBI Master Circular |
| 9 | GST Annual Return (GSTR-9, 9C) | Annual tax return submission for GST | All NBFCs | 31st December | GST Act |
| 10 | FEMA & FDI Compliance | Adhering to FEMA guidelines & reporting foreign investments to RBI | NBFCs with Foreign Direct Investment | 30th June | FEMA & RBI FDI Guidelines |
| 11 | Grievance Redressal & Customer Protection Compliance | Ensuring a proper grievance redressal mechanism and adherence to RBI’s Fair Practices Code (FPC) | All NBFCs | 30th April | RBI Fair Practices Code |
New Governance Requirement:
NBFCs in the Middle Layer and Upper Layer must ensure the appointment of a Chief Compliance Officer (CCO) and implement a strong compliance management framework as per RBI governance guidelines.
Half-Yearly Compliance Requirements
| S. No. | Compliance Requirement | Description | Applicable NBFCs | Filing Deadline | Regulating Document |
| 1 | Prudential Norms Information (Schedule-II Return) | Reporting capital adequacy, provisioning, NOF, and asset classification | Housing Finance Companies (HFCs) | 12th May, 12th November | Returns HFC Circular |
| 2 | ALM-II Statement | Reporting liquidity and interest rate sensitivity | Deposit-taking & Large NBFCs | 12th May, 12th November | Returns HFC Circular |
| 3 | FDI Compliance Certificate (FDI–SAC) | Compliance with foreign investment rules | HFCs with Foreign Direct Investment | 30th April, 31st October | Returns HFC Circular |
| 4 | Interest Rate Futures (IRF) Transaction Statement | Reporting hedging transactions | NBFCs engaging in derivatives | 30th April, 31st October | Scale Based Regulation Master Circular |
| 5 | Loan Securitization & Borrowing Compliance | Ensuring adherence to RBI securitization & direct assignment guidelines | NBFCs engaged in loan securitization | 30th April, 31st October | RBI Securitization & Direct Assignment Guidelines |
Quarterly Compliance Requirements
| S. No. | Compliance Requirement | Description | Applicable NBFCs | Filing Deadlines | Regulating Document |
| 1 | Financial Details Return (DNBS02) | Reporting financial position, asset classification, and liabilities | NBFCs (Base Layer) | 21st April, 21st July, 21st Oct, 21st Jan | RBI (Filing of Supervisory Returns) Directions, 2024 |
| 2 | Capital Adequacy Ratio (CAR) Reporting | Reporting minimum capital adequacy compliance | All NBFCs | 31st March, 30th June, 30th Sept, 31st Dec | RBI Master Circular |
| 3 | DNBS-01, DNBS-03 Returns | Various prudential returns related to financial performance, risk, and deposits | Middle Layer & Upper Layer NBFCs | 21st April, 21st July, 21st Oct, 21st Jan | RBI Returns Master Direction |
| 4 | DNBS-4A Return | Return of Short Term Dynamic Liquidity | Base Layer NBFC with Asset Size of 100 Crore and Above Middle Layer NBFCs Middle Layer NBFCs | 21st April, 21st July, 21st Oct, 21st Jan | RBI Returns Master Direction |
| 5 | Statutory Compliance Board Meetings | Quarterly meetings discussing regulatory updates | All NBFCs | 4 times a year | Companies Act |
| 6 | Return of Overseas Investments (DNBS13) | Return of Overseas Investments | NBFCs (Base Layer) | 21st April, 21st July, 21st Oct, 21st Jan | RBI (Filing of Supervisory Returns) Directions, 2024 |
Additional Compliance Update:
NBFCs are also expected to conduct Internal Risk Assessments and review their KYC/AML compliance frameworks regularly, especially those dealing with digital lending or fintech partnerships.
Monthly Compliance Requirements
| S. No. | Compliance Requirement | Description | Applicable NBFCs | Filing Deadline | Regulating Document |
| 1 | GST Returns (GSTR-1, GSTR-3B) | Monthly tax filing under GST Act | All NBFCs | 10th & 20th of every month | GST Act |
| 2 | TDS Filing & Payment | Deducting and depositing TDS for employees and contractors | All NBFCs | 7th of every month | Income Tax Act |
| 3 | RBI Liquidity Risk Reports | Submission of liquidity risk reports for NBFCs | Systemically Important NBFCs | 15th of every month | RBI Liquidity Risk Framework |
| 4 | FEMA Foreign Investment Reporting | Report any foreign direct investment (FDI) transactions to RBI | NBFCs with FDI | Monthly | FEMA & RBI FDI Guidelines |
| 5 | Customer Complaint Tracking | Maintain records of customer grievances and resolutions as per RBI guidelines | All NBFCs | Monthly | RBI Fair Practices Code |
| 6 | DNBS-4B Return | Return of Structural Liquidity & Interest Rate Sensitivity | Base Layer NBFC with Asset Size of 100 Crore and Above Middle Layer NBFCs Middle Layer NBFCs | Within 15 days from end of Month | RBI Returns Master Direction |
| 7 | DNBS08 – CRILC-Main | Return for Large Credits & SMA | Base Layer NBFC with Asset Size of 500 Crore and Above, Middle Layer NBFCs Middle Layer NBFCs | Within 30 days from end of Month | RBI Returns Master Direction |
Weekly Compliance Requirements
| S. No. | Compliance Requirement | Description | Applicable NBFCs | Filing Deadline | Regulating Document |
| 1 | CERSAI Reporting (Central Registry of Securitization and Asset Reconstruction) | Reporting securitization and asset reconstruction transactions | NBFCs engaged in secured lending | Weekly | SARFAESI Act |
| 2 | CKYC Uploads | Reporting new customer onboarding under Central KYC | All NBFCs onboarding new customers | Weekly | CKYC RBI Circular |
| 3 | FIU-IND Reporting (Suspicious Transaction Reporting – STR) | Submission of suspicious transaction reports to FIU-IND | All NBFCs | Weekly | Prevention of Money Laundering Act |
| 4 | DNBS09 – CRILC-Weekly | Return for Large Credits & SMA | Base Layer NBFC with Asset Size of 500 Crore and Above, Middle Layer NBFCs Middle Layer NBFCs | On or before Wednesday of the following week | RBI Returns Master Direction |
Missing deadlines can result in penalties up to ₹10 Lakh/day!
Consequences of Non-Compliance with RBI Regulations
Failure to meet NBFC compliance requirements can lead to:
- Heavy penalties (up to ₹10 Lakh per day for certain violations).
- License cancellation or suspension of operations.
- Legal action and reputational damage.
- Restrictions on lending and financial activities.
- Increased RBI supervisory action
- Difficulty raising capital or attracting investors
RBI has recently penalized several NBFCs for:
- Non-submission of NBS returns
- AML/KYC violations
- Incorrect regulatory reporting
- Governance failures
To avoid these risks, ensure strict adherence to the NBFC compliance checklist and follow the compliance calendar.
(RBI recently penalized multiple NBFCs for violations, including non-submission of NBS-1 and AML non-compliance.)
Recent RBI Compliance Updates for NBFCs in 2026
At NBFC Advisory, we closely track the latest regulatory developments to help NBFCs stay ahead of compliance risks. In 2026, the Reserve Bank of India introduced several important updates impacting the NBFC ecosystem. These updates reflect RBI’s continued focus on strengthening supervision, improving transparency, and ensuring better risk management across the financial sector. Given the evolving regulatory environment, NBFCs must regularly review RBI circulars and align their compliance frameworks accordingly.
Some of the key regulatory updates include:
- Proposed exemption for small NBFCs* with asset size below ₹1,000 crore that do not accept public funds and have no customer interface.
- Revised co-lending framework effective January 2026*, governing partnerships between banks and NBFCs with stricter reporting and exposure norms.
- Mandatory external auditor certification for Priority Sector Lending (PSL)* to prevent double counting of eligible loans.
- Continued enforcement of *RBI Digital Lending Guidelines*, requiring transparent loan disclosures, borrower consent for data usage, and regulated lending service providers.
- Extension of KYC update deadlines for low-risk customers until 30 June 2026*, allowing additional time for periodic KYC compliance.
- Proposed revision in risk-weight norms for infrastructure financing by NBFCs*, which may impact capital requirements and lending strategies.
Given these evolving regulations, NBFCs must ensure that their *compliance systems, reporting mechanisms, and governance practices remain aligned with RBI guidelines.
At NBFC Advisory, we help NBFCs navigate regulatory changes, manage compliance calendars, and ensure timely filings so businesses remain fully compliant while focusing on growth.
How to Stay RBI Compliant?
NBFC Compliance can be complex, but we’re here to help!
- Get a FREE NBFC Compliance Checklist to track your filings & deadlines.
- Schedule a 15-Minute Free Compliance Consultation with our experts.
Book a Free Compliance Consultation – Schedule a Call
Final Thoughts
RBI regulations for NBFCs are evolving, making it crucial for NBFCs to follow a structured compliance checklist and adhere to a compliance calendar. Ensuring timely submissions, regulatory filings, and financial disclosures can help avoid legal troubles, penalties, and operational disruptions.
At NBFC Advisory, we specialize in helping NBFCs stay fully compliant with RBI regulations, taxation laws, and corporate governance requirements. Our team of compliance experts ensures that you never miss a deadline, keeping your business legally sound and financially stable.
Need assistance with NBFC compliance? Let NBFC Advisory handle it for you!
Stay ahead of compliance challenges and focus on growing your business—NBFC Advisory has you covered!
