FULL FORM OF NBFCs

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               NBFCs stand for Non Banking Financial Companies. It refers to the financial institution which offer banking services without having a banking licence. These financial companies are registered under the company Act 1956 and do business as a non banking financial institution as defined under RBI Act, 1934. The main business of NBFC is of distribution of loans,acquisition of shares,stocks,bonds issued by government,insurance business,chit fund business etc.
             The major difference between NBFC and bank is that in a Bank customers can deposit money and withdraw it whenever it is required,but NBFC does not accept deposit and withdraw facility is not provided. Deposits in NBFC are not treated as savings they are basically long term deposits or premiums such as premium for insurance policy,health insurance policy etc.

 The followings are the NBFCs---

  1. Insurance companies which are regulated by IRDA.
  2. Housing Finance companies which are regulated by National Housing Bank.
  3. Merchant Banking Companies,stock Broking Companies,venture capital bank which are regulated by SEBI.
  4. Nidhi Companies,which are notified by the Company Act 1956 and are regulated by corporate ministry.
  5. Chit Fund Companies which are defined under Chit Fund Act 982 and are regulated by the state government.

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