hi is there any difference b/w a bank and a banking co.?if so pls tell me d difference.thank u.
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whats d difference
Replies (1)
I think you are asking about NBFC
NBFCs are doing functions akin to that of banks, however there are a few differences:
- (i) a NBFC cannot accept demand deposits (demand deposits are funds deposited at a depository institution that are payable on demand -- immediately or within a very short period -- like your current or savings accounts.)
- (ii) it is not a part of the payment and settlement system and as such cannot issue cheques to its customers; and
- (iii) deposit insurance facility of DICGC is not available for NBFC depositors unlike in case of banks.
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