Non-Banking Financial Companies (NBFC) are primarily companies that are involved in financial activities like giving loans, providing advances, some NBFC’s can receive deposits, acquiring of stocks and shares, lease, hire-purchase, insurance business and chit business. Though an NBFC and a bank appear similar, there are few notable differences between the two –
An NBFC cannot issue cheques on itself
An NBFC is not covered under facilities like Deposit Insurance and