Non-Banking Financial Companies (NBFCs) are entities that are registered under the “Companies Act, 1956” and participate in various financial operations such as loans, securities investments, leasing and insurance. It does not include agriculture, industry, commodity trading, services and real estate transaction institutions.
A company has to fulfill certain conditions to qualify as an NBFC. The financial activity of an institution can be called ‘core business‘ when the financial assets of the company exceed 50% of the total assets and the income from financial assets exceeds 50% of the total income.
The Reserve Bank of India (RBI) registers companies that meet these criteria as NBFCs. The Reserve Bank of India has the competence to register, develop policies, give directions, inspect, regulate, supervise and monitor NBFCs under the RBI Act,1934.
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