{"id":231484,"date":"2025-10-24T19:36:22","date_gmt":"2025-10-24T14:06:22","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=231484"},"modified":"2025-10-29T17:53:56","modified_gmt":"2025-10-29T12:23:56","slug":"difference-between-banks-and-nbfcs","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/difference-between-banks-and-nbfcs\/","title":{"rendered":"Difference Between Banks and NBFCs: Concepts and Features"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/difference-between-banks-and-nbfcs\/#What_is_a_Bank\" >What is a Bank?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/difference-between-banks-and-nbfcs\/#What_is_an_NBFC\" >What is an NBFC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/difference-between-banks-and-nbfcs\/#Key_Differences_Between_Banks_and_NBFCs\" >Key Differences Between Banks and NBFCs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/difference-between-banks-and-nbfcs\/#Classification_of_NBFCs\" >Classification of NBFCs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.oliveboard.in\/blog\/difference-between-banks-and-nbfcs\/#Capital_and_Net_Owned_Fund_Requirements\" >Capital and Net Owned Fund Requirements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.oliveboard.in\/blog\/difference-between-banks-and-nbfcs\/#Regulation_and_Supervision\" >Regulation and Supervision<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.oliveboard.in\/blog\/difference-between-banks-and-nbfcs\/#Role_in_the_Financial_System\" >Role in the Financial System<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.oliveboard.in\/blog\/difference-between-banks-and-nbfcs\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.oliveboard.in\/blog\/difference-between-banks-and-nbfcs\/#Frequently_Asked_Questions_FAQs\" >Frequently Asked Questions (FAQs)<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>In the field of banking awareness, understanding the difference between Banks and Non-Banking Financial Companies (NBFCs) is extremely important for competitive exams like IBPS, SBI, and RBI. Both banks and NBFCs play a key role in India\u2019s financial system by providing credit and financial services, but they differ in structure, regulation, and functions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-bank\"><span class=\"ez-toc-section\" id=\"What_is_a_Bank\"><\/span>What is a Bank?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A Bank is a <strong><a href=\"https:\/\/www.oliveboard.in\/blog\/important-financial-institutions\/?ref=conttm-aib\" target=\"_blank\" rel=\"noreferrer noopener\">financial institution<\/a><\/strong> authorized to accept deposits from the public and lend money. Banks perform core banking activities such as accepting savings and current deposits, providing loans, issuing cheques, and enabling money transfers. They are governed by the Banking Regulation Act, 1949 and are regulated by the Reserve Bank of India (RBI). Banks are fundamental to the financial system as they mobilize public savings and create credit for individuals and businesses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-an-nbfc\"><span class=\"ez-toc-section\" id=\"What_is_an_NBFC\"><\/span>What is an NBFC?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A <strong><a href=\"https:\/\/www.oliveboard.in\/blog\/nbfcs-structure-functions-and-regulations\/?ref=conttm-aib\" target=\"_blank\" rel=\"noreferrer noopener\">Non-Banking Financial Company (NBFC)<\/a><\/strong> is a company registered under the Companies Act, 1956 (or 2013) that provides financial and investment services similar to banks but cannot perform full banking functions. NBFCs offer loans, advances, asset financing, and investments in shares or bonds. However, they cannot accept demand deposits like savings or current accounts. NBFCs primarily serve as alternative financing channels, reaching sectors not fully served by traditional banks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-differences-between-banks-and-nbfcs\"><span class=\"ez-toc-section\" id=\"Key_Differences_Between_Banks_and_NBFCs\"><\/span>Key Differences Between Banks and NBFCs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The differences between banks and NBFCs can be highlighted across several parameters:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Basis<\/strong><\/td><td><strong>Banks<\/strong><\/td><td><strong>NBFCs<\/strong><\/td><\/tr><tr><td><strong>Regulating Authority<\/strong><\/td><td>Regulated by RBI under Banking Regulation Act, 1949<\/td><td>Registered under Companies Act and partly regulated by RBI<\/td><\/tr><tr><td><strong>Acceptance of Deposits<\/strong><\/td><td>Can accept both demand and time deposits<\/td><td>Cannot accept demand deposits; only some NBFCs can accept fixed deposits with RBI approval<\/td><\/tr><tr><td><strong>Payment System Role<\/strong><\/td><td>Part of payment and settlement system; can issue cheques<\/td><td>Not part of payment and settlement system; cannot issue cheques<\/td><\/tr><tr><td><strong>Deposit Insurance<\/strong><\/td><td>Covered under DICGC insurance up to \u20b95 lakh per depositor<\/td><td>No deposit insurance facility<\/td><\/tr><tr><td><strong>Credit Creation<\/strong><\/td><td>Can create credit and issue loans directly<\/td><td>Cannot create credit in the same way as banks<\/td><\/tr><tr><td><strong>Registration Requirement<\/strong><\/td><td>Must have a banking license from RBI<\/td><td>Must obtain a Certificate of Registration (CoR) from RBI to operate as NBFC<\/td><\/tr><tr><td><strong>Examples<\/strong><\/td><td>SBI, HDFC Bank, PNB<\/td><td>Bajaj Finance, Mahindra Finance, Shriram Transport Finance<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/test-series\/?ref=conttm-aib\" target=\"_blank\" rel=\"noreferrer noopener\">Take a free Bank exam mock test now<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-classification-of-nbfcs\"><span class=\"ez-toc-section\" id=\"Classification_of_NBFCs\"><\/span>Classification of NBFCs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>NBFCs are classified based on their activities and the type of liabilities they hold.<\/p>\n\n\n\n<p><strong>1. Based on Liability:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Deposit-taking NBFCs (NBFC-D):<\/strong> These NBFCs are allowed to accept fixed deposits from the public with RBI approval.<\/li>\n\n\n\n<li><strong>Non-deposit taking NBFCs (NBFC-ND):<\/strong> These NBFCs are not permitted to accept public deposits.<\/li>\n<\/ul>\n\n\n\n<p><strong>2. Based on Activity:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Asset Finance Company (AFC):<\/strong> Provides financing for physical assets such as vehicles or machinery.<\/li>\n\n\n\n<li><strong>Loan Company (LC):<\/strong> Offers personal or business loans.<\/li>\n\n\n\n<li><strong>Investment Company (IC):<\/strong> Invests in securities such as shares and bonds.<\/li>\n\n\n\n<li><strong>Infrastructure Finance Company (IFC):<\/strong> Provides long-term finance for infrastructure projects.<\/li>\n\n\n\n<li><strong>Micro Finance Institution (MFI):<\/strong> Offers small loans to low-income individuals or self-help groups.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-capital-and-net-owned-fund-requirements\"><span class=\"ez-toc-section\" id=\"Capital_and_Net_Owned_Fund_Requirements\"><\/span>Capital and Net Owned Fund Requirements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To operate, NBFCs must maintain a minimum Net Owned Fund (NOF) as per RBI norms. Initially, the minimum NOF was \u20b92 crore, which has been gradually raised to \u20b910 crore in a phased manner (2022\u20132027). Certain categories like Venture Capital Funds, Insurance Companies, and Stock Exchanges are exempted since they are regulated by other authorities such as SEBI or IRDAI.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-regulation-and-supervision\"><span class=\"ez-toc-section\" id=\"Regulation_and_Supervision\"><\/span>Regulation and Supervision<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Banks are fully regulated by the RBI and must maintain statutory ratios like <strong>CRR (Cash Reserve Ratio)<\/strong> and <strong>SLR (Statutory Liquidity Ratio)<\/strong>.<\/p>\n\n\n\n<p>NBFCs, though regulated by the RBI, face fewer restrictions. They are not required to maintain CRR or SLR, but must obtain a Certificate of Registration (CoR) from the RBI before commencing operations.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/courses\/?ref=conttm-bank\" target=\"_blank\" rel=\"noreferrer noopener\">Looking for expert guidance to prepare for bank exams? click here<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-role-in-the-financial-system\"><span class=\"ez-toc-section\" id=\"Role_in_the_Financial_System\"><\/span>Role in the Financial System<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Both banks and NBFCs play crucial roles in India\u2019s financial ecosystem:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Banks:<\/strong> Form the foundation of the formal financial system by mobilizing savings and providing credit to individuals and businesses.<\/li>\n\n\n\n<li><strong>NBFCs:<\/strong> Complement banks by extending credit to unbanked and underbanked sectors, particularly small-scale industries, micro-entrepreneurs, and rural borrowers.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While both banks and NBFCs are vital to India\u2019s economic growth, they differ in scope and regulatory framework. Banks perform full-scale financial operations under strict RBI supervision, whereas NBFCs serve as alternative financing channels, offering flexibility and accessibility to various customer segments. Understanding these distinctions is essential for anyone preparing for banking and finance exams.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions-faqs\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQs\"><\/span>Frequently Asked Questions (FAQs)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Q1: What is the main difference between a bank and an NBFC?<\/strong><br>A1: Banks can accept demand deposits and are part of the payment system, whereas NBFCs cannot accept demand deposits or issue cheques.<\/p>\n\n\n\n<p><strong>Q2: Who regulates NBFCs in India?<\/strong><br>A2: NBFCs are primarily regulated by the <strong>Reserve Bank of India (RBI)<\/strong> under the RBI Act, 1934, but they are registered under the <strong>Companies Act, 2013<\/strong>.<\/p>\n\n\n\n<p><strong>Q3: Can NBFCs issue cheques like banks?<\/strong><br>A3: No, NBFCs cannot issue cheques because they are not part of the payment and settlement system.<\/p>\n\n\n\n<p><strong>Q4: What is the minimum capital requirement for NBFCs?<\/strong><br>A4: As per recent RBI guidelines, NBFCs must maintain a minimum <strong>Net Owned Fund (NOF) of \u20b910 crore<\/strong> in a phased manner.<\/p>\n\n\n\n<p><strong>Q5: Why are NBFCs important for the economy?<\/strong><br>A5: NBFCs promote financial inclusion by providing credit and financial services to sectors and individuals not served by traditional banks, especially in rural and semi-urban areas.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/ibps-rrb-po-eligibility-check-tool\/\">Are You Eligible for IBPS RRB PO 2026? 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for<\/p>\n","protected":false},"author":60,"featured_media":231486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,31],"tags":[18139],"class_list":["post-231484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-bank-exams","tag-difference-between-banks-and-nbfcs","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Difference Between Banks and NBFCs: Concepts and Features<\/title>\n<meta name=\"description\" content=\"Discover the difference between banks and NBFCs and their unique roles in India&#039;s financial ecosystem.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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