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Non-Banking Financial Company (NBFC)

OVERVIEW

A Non-Banking Financial Company (NBFC) is a financial institution that provides banking-like services but does not hold a banking license. It is regulated by the Reserve Bank of India (RBI) under the Companies Act, 2013, and the RBI Act, 1934. NBFCs engage in activities such as lending, investment, asset financing, and financial advisory but cannot accept demand deposits like banks. Incorporating an NBFC in India involves stringent regulatory steps, including capital requirements and RBI approval. It's essential to choose the right category, meet capital norms, and maintain compliance with prudential norms.

FEATURES OF NBFC (NON-BANKING FINANCIAL COMPANY)

Easier Compliance - Compared to banks, NBFCs face fewer regulatory restrictions.
Alternative Credit Source - NBFCs offer loans to individuals and businesses that may not qualify for bank loans.
Higher Profit Margins - Due to less stringent regulatory requirements, NBFCs can operate with lower costs.
Flexible Loan Products - They provide tailored loan products, including microfinance, gold loans, and vehicle loans.
Faster Loan Processing - Unlike banks, NBFCs have a quicker approval process with minimal paperwork.
Boost to Financial Inclusion - NBFCs play a crucial role in providing financial services in rural and semi-urban areas.

Features of Section 8 Company

Financial Services Provider - NBFCs engage in financial activities like loans, investments, and asset financing but do not hold a banking license.
No Demand Deposits - Unlike banks, NBFCs cannot accept demand deposits (such as savings and current accounts).
Regulated by RBI - NBFCs are governed by the Reserve Bank of India (RBI) and must comply with RBI guidelines.
Investment & Lending Focus - They primarily deal in lending (personal loans, vehicle finance, housing finance) and investment (stocks, bonds, insurance).
No Payment & Settlement System - NBFCs are not involved in payment systems like issuing checks or handling direct fund transfers.
Higher Interest Rates - They offer higher interest rates on deposits and loans compared to banks due to their risk exposure.
Types of NBFCs - They are classified into various categories, such as Asset Finance Companies (AFC), Infrastructure Finance Companies (IFC), and Microfinance Institutions (MFI).
Customer-Oriented Approach - NBFCs provide customized financial solutions, especially catering to individuals and small businesses.
Faster Loan Processing - Compared to banks, NBFCs often have more flexible lending norms and faster loan approval processes.
Diversified Business Models - Many NBFCs operate in niche markets, such as vehicle financing, gold loans, leasing, and peer-to-peer (P2P) lending.

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Non-Banking Financial Company (NBFC)

OVERVIEW

FEATURES OF NBFC (NON-BANKING FINANCIAL COMPANY)

Features of Section 8 Company

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