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Accepting deposits from public by person other then company

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(Querist)
02 October 2017 Hi Can Individual or LLP accept deposits from public like NBFC or banks ?If no, please Share reference for this, I am not able to find anything concrete on this matter. Many thanks !
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Amol S Joglekar

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Amol S Joglekar (Expert)
02 October 2017 Individual can accept deposits/ take loan from public.
LLP can do so if the LLP agreement empowers it so to do.
(I think your confusion may be due to whether or not an individual or LLP can do banking business?...the answer is NO. So to say acceptance of deposits in order to lend it prospective customers is NOT permitted)
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