What does NBFC stand for?
Q. What is the full-form of NBFC?- Published on 16 Feb 17
a. Non-Bank Financial Competition
b. Non-Bank Foreign Company
c. Non-Banking Financial Company
d. Non-Banking Finance Corporation
ANSWER: Non-Banking Financial Company
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013 of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds hire-purchase, insurance business or chit business.
The working and operations of NBFCs are regulated by the Reserve Bank of India (RBI).Types of NBFCs in India are -
- Asset Finance Company (AFC)
- Investment Company (IC)
- Loan Company (LC)
- Infrastructure Finance Company (IFC)
- Infrastructure Debt Fund : Non- Banking Financial Company (IDF-NBFC)
- Gold Loan NBFCs in India
- Residuary Non-Banking Companies (RNBCs)