Diffrence betn Banks & NBFC
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 August 2010
Can u explain please what is the basic difference betn banks, financial institutions and NBFC's....?
and acts governing them.
and acts governing them.
07 August 2010
Banks under : Banking companies act
NBFC : Companies Act
Bank: accepts deposits from public
NBFC : can't accept deposits from public
There are many more
NBFC : Companies Act
Bank: accepts deposits from public
NBFC : can't accept deposits from public
There are many more
07 August 2010
NBFCs are doing functions akin to that of banks; however there are a few differences:
(i) an NBFC cannot accept demand deposits; (ii) an NBFC is not a part of the payment and settlement system and as such an NBFC cannot issue cheques drawn on itself; and (iii) deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available for NBFC depositors unlike in case of banks.
(i) an NBFC cannot accept demand deposits; (ii) an NBFC is not a part of the payment and settlement system and as such an NBFC cannot issue cheques drawn on itself; and (iii) deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available for NBFC depositors unlike in case of banks.
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