Thursday, March 23 2023

In terms of the Companies Act, 1956, non-banking financial companies (NBFCs) provide banking services without a bank license. NBFCs provide diverse services, such as, loans and advances, saving and investment plans, credit facilities, insurance, acquisition of stocks, equities, debt, etc. issued by the government or any local authority or other marketable securities like leasing, hire purchase, insurance business, chit business, etc. In conformity with the steady growth of the Indian economy, the structural transformation of the banking sector, and the changing contours of financial intermediaries, the NBFC sector has gradually transformed in terms of size, operations, technological sophistication, and forayed into newer areas of financial services and products.

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