There are two options by which micro finance can be registered in India one is through NBFC and another through Section 8 Company. The name should be unique and should end with words like foundation, sanstha etc.
MMicro finance company registration process requires you to comply with the RBI guidelines which are prescribed for NBFC companies. Deposits are not allowed to be accepted under section 8 company. Further, the company has to invest their own funds and start your micro finance business. Company may also rise funding by way of donations.
Even if you are planning to register a NBFC company and willing to invest Rs.5 Cr into the business, then also deposits are not allowed to be taken. Our Top CA Financial advisor and expert Chartered Accountants Consultants in Udaipur are regularly advising on Micro Finance Registration Consultants.