NON - BANKING FINANCIAL COMPANY. Bank is a financial instit | UPSC Economy
NON - BANKING FINANCIAL COMPANY.
Bank is a financial institution engaged primarily in mobilising deposits and forwarding loans.
Banks are regulated by the Central bank of the country—in case of India, the RBI (Reserve Bank.
Another category of financial institution—the non-bank—is almost similar in its functions but main difference (though, highly simplified) being that it does not allow its depositors to withdraw money from their accounts.
NBFCs (Non-Banking Financial is an heterogeneous group of institutions (other than commercial and co-operative banks) performing financialintermediation in a variety of ways, like accepting deposits, making loans and advances, leasing, hire purchase, etc.
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