NBFCs are non-banking financial companies that provide banking services like lending and accepting deposits but do not have a full banking license. They help with objectives like attracting foreign grants, providing long-term credit, capital formation, developing financial markets, generating employment, and mobilizing funds/resources. There are different types of NBFCs including chit fund companies, mutual companies, loan companies, investment companies, housing finance companies, hire purchase companies, equipment leasing companies, and residual NBFCs.
2. What is Non Banking FinancialCompany(NBFC)?
Financial Organization
that do not have full
banking license but
they provide financial
services similar to
that banks.
