NBFC Compliances
NBFCs as financial institutions
Non-Banking Financial Company (NBFC) is one of the most renowned forms of financial institutions in India. NBFC participates in an outstanding role in the GDP of the country’s economy. RBI and other related regulators set rules and regulations, which keep on altering because of changing needs and circumstances. It is important for the NBFC management to know about what to do and how to do it, and there is a strong need to keep abreast of the times. It is equally important for NBFC business owners to follow-up with the NBFC annual compliance checklist. By any chance any NBFC found noncompliance; would have to pay hefty penalties. It could also lead to the NBFC license cancellation and closure of the company.
Overview
NBFCs as financial institutions refer to a set of rules and regulations which keep on changing on the basis of wavering needs and scenarios. It is important for the NBFC management to know about what to do and how to do, and there is a strong need to keep up with the present dynamic times
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FAQ
Frequently asked questions.
RBI
The Reserve Bank has been given the powers under the RBI Act 1934 to register, lay down policy, issue directions, inspect, regulate, supervise and exercise surveillance over NBFCs that meet the 50-50 criteria of principal business.
The different types of NBFCs
- Asset Finance Company.
- Loan Company.
- Mortgage Guarantee Company.
- Investment Company.
- Core Investment Company.
- Infrastructure Finance Company.
- Micro Finance Company.
- Housing Finance Company.
NBFCs provides banking services to people without carrying a bank license. An NBFC is incorporated under the Companies Act whereas a bank is registered under the Banking Regulation Act, 1949. NBFCs are not allowed to accept deposits which are repayable on demand whereas banks accept demand deposits.
NBFCs do play a critical role in participating in the development of an economy by providing a fillip to transportation, employment generation, wealth creation, bank credit in rural segments and to support financially weaker sections of the society.
