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Which companies are non banking financial institutions?
There are a huge number of NBFCs operating in our country but here’s a look at the current top 10 NBFCs in India.
- Power Finance Corporation Limited.
- Shriram Transport Finance Company Limited.
- Bajaj Finance Limited.
- Mahindra & Mahindra Financial Services Limited.
- Muthoot Finance Ltd.
- HDB Finance Services.
- Cholamandalam.
What is a non-Bank Bank?
Nonbank banks are financial institutions that are not considered full-scale banks because they do not offer both lending and depositing services. Nonbank banks can engage in credit card operations or other lending services, provided they do not also accept deposits.
What are non banking financial companies Upsc?
Based on business activity, there are different types of NBFCs
- Investment and Credit Company-ICC.
- NBFC-Infrastructure Finance Company.
- Mortgage Guarantee Companies.
- NBFC- Non-Operative Financial Holding Company.
- Micro Finance Company.
- NBFC Factor.
- Systemically Important Core Investment Company (CIC-ND-SI)
What are the functions of non banking financial companies?
Non Banking Financial Company also known as NBFC company, functioning as per the Indian Companies Act, giving loans and advances to the public. An NBFC company can acquire shares, stocks, bonds, debentures and securities from Government as well as local authority or any other marketable securities.
What is a Type 1 NBFC?
Type 1 – NBFC-ND are the NBFC’s which do not intend to have a customer interface in the future, not having customer interface, not intending to accept public funds in the future and not accepting public funds currently.
How many types of non banking financial companies are there?
Housing Finance Companies, Merchant Banking Companies, Stock Exchanges, Companies engaged in the business of stock-broking/sub-broking, Venture Capital Fund Companies, Insurance companies, Nidhi Companies, and Chit Fund Companies are NBFCs but they are exempt from registration u/s 45-IA of the RBI Act, 1934.