NBFCs are institutions that offer financial assistance and various banking services but do not have a banking license. They are not the same as both “Cooperative and Commercial” banks, they are not required to hold a financial permit, however, they should carefully follow the standards and guidelines given by RBI from time to time. NBFCs, most usually, work in the field of industrial and commercial loans, hire-purchasing, investment funds, deposits, debentures, chit fund business, leasing, insurance business, instruments of the capital & money markets like “bonds, stocks, and various other similar activities.” India’s financial division has demonstrated steady development if we go as far back as two decades. The NBFC part of this sector has changed immensely in the course of recent years. What’s more, NBFCs have been at the forefront in driving new credit disbursals for the nation’s underserved retail and MSME market. An NBFC License must be taken from RBI under section 45-IA of the RBI Act, 1934.
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