NBFC Loan Software — Mandatory Features Checklist for 2026

NBFC Loan Software — 2026 Mandatory Features Checklist

RBI Digital Lending Directions 2025 made several software features legally mandatory for all registered NBFCs. Use this checklist to verify whether your current software meets compliance requirements.

KYC and Identity Verification

• [ ] Video KYC (V-CIP) with certified vendor
• [ ] Aadhaar OTP-based eKYC
• [ ] PAN verification via Income Tax Department API
• [ ] CIBIL or Equifax credit bureau integration
• [ ] Liveness detection in Video KYC session
• [ ] KYC audit log per borrower

Loan Origination

• [ ] Fully digital application form
• [ ] Document upload (income proof, bank statements)
• [ ] AI-assisted or rule-based credit scoring
• [ ] Automated sanction letter generation
• [ ] Key Fact Statement (KFS) with APR clearly stated

Disbursement Controls

• [ ] Disbursement only to verified borrower bank account
• [ ] No third-party disbursement permitted
• [ ] Disbursement confirmation SMS and email to borrower
• [ ] Borrower self-service portal for statements

CIMS Reporting (Mandatory for All NBFCs)

• [ ] Monthly borrower-wise data submission to RBI CIMS portal
• [ ] Automated CIMS-format report generation
• [ ] Pre-submission error validation
• [ ] Submission confirmation and archival

Grievance Redressal

• [ ] Online complaint registration for borrowers
• [ ] TAT tracking per complaint
• [ ] Escalation matrix to RBI Integrated Ombudsman
• [ ] Quarterly grievance report to Board

Audit Trail and Security

• [ ] Immutable audit log for all system events
• [ ] Role-based access control (RBAC)
• [ ] Data encryption at rest and in transit
• [ ] DPDP Act 2023 consent management

Consequences of Non-Compliance

• RBI cancellation of NBFC Certificate of Registration
• Financial penalty up to Rs. 1 crore
• Reputational impact affecting credit ratings and borrowing costs

MICS Loan Management System

MICS LMS includes every item on this checklist as a standard feature — no add-ons required.

Pricing: Rs. 30,000/month | Go-live: 4-6 weeks

Book a free compliance review: +91 9355273535 | admin@mics.asia