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A Non-Banking Financial Company (NBFC) is a corporate entity doing business in the sector of Finance services. They could be a Private Limited Company or a Public Limited Company functioning similar to the banks but they are not banks. To operate any NBFC a license from RBI under section 45-I(c) to be obtain.
NBFC must be engaged in the business of Loans and Advances, Acquisition of stocks, equities, debt etc issued by the government or any local authority or other marketable securities. A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement by any mode is also a non-banking financial company.
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| Basis | Banks | NBFC |
|---|---|---|
| Meaning | Bank is a government entitled financial intermediary which aims to provide banking services to customers. | NBFC is a company which provides services similar to banking services to people without holding a bank license. |
| Registered under | A bank is registered under banking regulation act, 1949. | NBFC is registered under company’s act 1956. |
| Deposit | Banks accept and lend deposit. | NBFC do not accept and lend deposit. |
| Investment | In banks a foreign investment is limited up to a certain fixed limit. | In NBFC, Foreign investment is allowed up to 100 percent. |
| Payment system | Payment and settlement is the core activity of banks. | In NBFC, the payment system is not a part of the activity. |
| Demand draft | Bank can issue self-demand draft on itself. | NBFC cannot issue self-demand draft their own. |
| Cheque drawn | Banks can draw a self-chequeby their own. | NBFC cannot draw self-cheque their own. |
| Credit creator | Banks can create credit through multiplier financial activities. | NBFC cannot do it. |
| Transaction services | Bank provides a variety of transaction services. | NBFC does not facilitate transaction services. |
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