Nbfc laon company can also be eligible for financial services

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CA Sanjay Sahu

PROFESSIONAL

57 Points Joined December 2009

Can a NBFC in the categaory of loan company can also be eligible for providing financial services, like management consultancy, financial consultancy...

Replies (3)

P C Agrawal

Registered independent director Past Ch

8229 Points Joined March 2007

Section 45-I(f) of RBI Act defines NBFC as under:

"non-banking financial company" means—

(i)

a financial institution which is a company ;

(ii)

a non-banking institution which is a company and which has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner, or lending in any manner;

(iii)

such other non-banking institution or class of such institutions, as the Bank may, with the previous approval of the Central Government and by notification in the Official Gazette, specify.

Hence, so long as your principal business continues to be lending/ accepting deposits and consultancy is included in the Object Clause of your Memorandum, there should be no issue.

CA Sanjay Sahu

PROFESSIONAL

57 Points Joined December 2009

thanx a lot sir

my another doubt is that if principal business of the compnay is to given/accepting loan & advance then in such case, is company also eligible for carrying housing finance/asset finance/micro finance etc.

Kumar

Finance Professional

32 Points Joined August 2014

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