Advantages And Disadvantages Of Nbfc And Nfbc
INTRODUCTION
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 and is engaged in the business of loans and advances, acquisition of shares/ stock/ bonds/ debentures/securities issued by Government or local authority or other securities of like marketable nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable property. A non-banking institution which is a company and which has its principal business of receiving deposits under any scheme or arrangement or any other manner, or lending in any manner is also a non-banking financial company (Residuary non-banking company). There are almost 13000 registered NBFC’s in India and NBFC fulfills the financial gap by providing loan at a lower rate of interest.
NBFCs are doing functions akin to that of banks; however there are a few differences:
(i) An NBFC cannot accept demand deposits;
(ii) An NBFC is not a part of the payment and settlement system and as such an NBFC cannot issue cheques drawn on itself; and
(iii) Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available for NBFC depositors unlike in case of banks.
TYPES OF NBFC’S Originally, NBFCs registered with RBI were classified as:
(i). Equipment leasing company;
(ii). Hire-purchase company;
(iii). Loan company;
(iv).
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