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NBFC is a Non-Banking Financial Institution, which is registered under the Companies Act, 2013. NBFC is regulated and controlled by RBI. It is very true that an NBFC is very much similar to a bank, but it is not a bank. The work of an NBFC is to provide financial support and services, to businesses people, and individuals.
A Non-Banking Financial Company is covered under section 45-1(c) Reserve Bank of India, 1934. The principal business of an NBFC is of lending loans or receiving deposits under scheme/ arrangement by any mode.
A business of NBFC must constitute:
a. The Company’s financial asset must be 50 percent of the total assets.b. The income from financial assets must be 50 percent of the total revenue.
Aim of NBFC
Exclusion of business
The NBFC is excluded from doing business such as:
Table of Contents
Some of the mandatory requirements as follow:
The NBFC can be classified into two parts:
a. Deposit accepting NBFC
b. Non- Deposit NBFC
Read our article:Documents Required for NBFC Registration in India
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