RBI Allows Aryaman Financial Arm to Start NBFC Operations

RBI has approved Aryaman Financial Services Ltd’s subsidiary to operate as a Non-Banking Financial Company (NBFC). This move allows the firm to expand into lending and investments. The approval came on December 24, 2025, boosting its financial services portfolio.​

RBI Allows Aryaman Financial Arm to Start NBFC Operations

Aryaman Finance (India) Ltd, a wholly owned subsidiary of Aryaman Financial Services Ltd (AFSL), received a Certificate of Registration (CoR) from RBI’s Mumbai office. The registration classifies it as a Type II NBFC-ND-ICC, meaning Non-Deposit Taking Investment and Credit Company. This permits lending, investments, and credit activities but bans public deposits, ensuring it follows RBI’s strict rules on capital, governance, and risk.​

Aryaman Finance: Company Background

AFSL, based in Mumbai, is a SEBI-registered Category-I Merchant Banker focused on capital markets. It handles IPOs, FPOs, QIPs, PIPE deals, and SME fundraising in the ₹10-200 crore range. The subsidiary was formed on January 31, 2025, with extra capital added on April 1, 2025, to support NBFC plans.​

Timeline of Events

• January 31, 2025: Incorporated Aryaman Finance (India) Ltd as wholly owned subsidiary.​
• April 1, 2025: Infused additional capital for operations.​
• December 24, 2025: RBI issues CoR for NBFC business.​
• December 26-28, 2025: AFSL files disclosures under SEBI Regulation 30.​

Note: AFSL met all RBI checks for minimum capital, fair management, and financial health under the RBI Act, 1934.​

AFSL Business Impact

The NBFC arm diversifies AFSL beyond merchant banking into direct lending and investments. It eyes growth in underserved sectors while staying under RBI norms for consumer protection. Stock data shows AFSL’s one-year return at +56.63%, reflecting market positivity.

Role of NBFCs in India

NBFCs fill gaps left by banks by offering credit to MSMEs, startups, and remote areas. Unlike banks, they skip demand deposits and cheques but face RBI oversight for safety. This approval signals strong compliance, building trust for investors and markets.​