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An NBFC or Non-Banking Financial Company refers to a company registered under the Companies Act. NBFCs are engaged in the business of granting loans and advances, acquisition of shares/stocks/bonds etc. issued by the government or local authority. NBFCs doesn’t include institutions whose principal business is industrial activity, agriculture activity, Sale/purchase/construction of any immovable property.
Also, NBFC is a company having a principal business of receiving deposits under an arrangement or any scheme in installments or lump sum by the way of contributions or in any other manner, is also a non-banking financial company.
NBFCs are broadly classified as follows:
Based on liabilities-
Further, NBFC-ND is sub-categorized into two parts-
Based on business activities-
As per the Section 45-IA of the RBI Act, 1934, no NBFC shall commence or carry on business without-
The functions and few features of both NBFC and Banks are similar yet there are differences between both-
The following procedure is applicable for NBFC Registration:
The following documents are required:
NBFCs are now looking to leverage the use of modern technology to offer new and innovative products to its customers. With the help of these technology, NBFCs can serve customers better as it will lower the costs and also help them to offer tailor made customised services. The future of NBFCs looks bright with NBFCs reinventing their business. This will result in better business processes and better execution.
How NBFCs would be able to develop strategic partnerships with key ecosystem players and leverage technology to meet the evolving demands of consumers will determine the future course of this sector.
A Non-Banking Financial Company doesn’t have a banking license but they offer financial services to its customers. NBFCs have become a great alternative to banks for obtaining financial solutions as they are involved in providing loans and advances to public.
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