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Tearms and condition for accepting deposit by public limited

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(Querist)
27 January 2018 I have incorporate public limited company having authorised capital 5 lacs...i would like to start business regarding to accept deposit from public and after copmletion of agreed period i will return whole deposit amount with interest to public....i have query that can public limited company do such type of business??????
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CA KANJ GOEL

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CA KANJ GOEL (Expert)
28 January 2018 a public limited co can accept deposits. your query seems unclear if you want to carry out financing business then you should be registered as nbfc.
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Jignesh Goswami

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Jignesh Goswami (Querist)
29 January 2018 thanks a lot goel sir for your reply
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Jignesh Goswami

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Jignesh Goswami (Querist)
29 January 2018 goel sir can u suggest me other option for carry out business of finance other than nbfc company,nidhi company,chit company??????? because to start nbfc co.i should have a minimum net worth 200 lacs for registration... i dont have such big amount...
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Radhakrishnan K.V.

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Radhakrishnan K.V. (Expert)
29 January 2018 Accepting deposit from public is a banking activity for which license of RBI is required vide Section 22 of BR Act 1949.
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