{"id":8973,"date":"2020-12-24T18:30:59","date_gmt":"2020-12-24T13:00:59","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=8973"},"modified":"2020-12-24T21:52:56","modified_gmt":"2020-12-24T16:22:56","slug":"nbfc-non-banking-financial-companies-bank-awareness-terminology-exam-general-knowledge","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/nbfc-non-banking-financial-companies-bank-awareness-terminology-exam-general-knowledge\/","title":{"rendered":"Non-Banking Financial Companies (NBFCs): All You Need To Know"},"content":{"rendered":"<p align=\"justify\"><span style=\"color: #000000;\">Here is everything that you need to know about the Non-Banking Finance Companies (NBFC) for your exams of RBI Grade B &amp; SEBI Grade A. Here the information is provided as per the <a href=\"https:\/\/www.rbi.org.in\/Scripts\/FAQView.aspx?Id=92\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #3366ff;\"><em><strong>FAQs given on the RBI website<\/strong><\/em><\/span><\/a>. Let us start with to know all about NBFCs.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #3366ff;\"><em><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Take a free Oliveboard Mock Test for RBI Grade B Prelims<\/strong><\/a><\/em><\/span><\/p>\n<p><a href=\"https:\/\/www.oliveboard.in\/free-ebook-pdf-download\/?ref=sebihny\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-58229\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2019\/09\/9pm-compressor.png\" alt=\"Free Study Material for SEBI Grade A &amp; RBI Grade B\" width=\"400\" height=\"400\" \/><\/a><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/free-ebook-pdf-download\/?ref=sebihny\" target=\"_blank\" rel=\"noopener noreferrer\"><em><strong>Download Here<\/strong><\/em><\/a><\/span><\/p>\n<h2 align=\"justify\"><span style=\"color: #000000;\"><em><strong>Non-Banking Financial Companies: All You Need To Know<\/strong><\/em><\/span><\/h2>\n<h3 class=\"head\" align=\"justify\"><span style=\"color: #000000;\"><em><strong>1. What is a Non-Banking Financial Company (NBFC)?<\/strong><\/em><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares\/stocks\/bonds\/debentures\/securities issued by Government <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale\/purchase\/construction of an immovable property. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or instalments by way of contributions or in any other manner is also a non-banking financial company (Residuary non-banking company).\\\\<\/span><\/li>\n<\/ul>\n<hr \/>\n<h3 class=\"head\" align=\"justify\"><em><strong><span style=\"color: #000000;\">2. What does conducting financial activity as \u201cprincipal business\u201d mean?<\/span><\/strong><\/em><\/h3>\n<ul>\n<li><span style=\"color: #000000;\">Financial activity as the principal business is when a company\u2019s financial assets constitute more than 50 per cent of the total assets and income from financial assets constitute more than 50 per cent of the gross income. <\/span><\/li>\n<li><span style=\"color: #000000;\">A company which fulfils both these criteria will be registered as NBFC by RBI. <\/span><\/li>\n<li><span style=\"color: #000000;\">The term &#8216;principal business&#8217; is not defined by the Reserve Bank of India Act. The Reserve Bank has defined it to ensure that only companies predominantly engaged in financial activity get registered with it and are regulated and supervised by it. <\/span><\/li>\n<li><span style=\"color: #000000;\">Hence if there are companies engaged in agricultural operations, industrial activity, purchase and sale of goods, providing services or purchase, sale or construction of immovable property as their principal business and are doing some financial business in a small way, they will not be regulated by the Reserve Bank. <\/span><\/li>\n<li><span style=\"color: #000000;\">Interestingly, this test is popularly known as <strong>50-50 test<\/strong> and is applied to determine whether or not a company is into financial business.<\/span><\/li>\n<\/ul>\n<hr \/>\n<h3 class=\"head\" align=\"justify\"><span style=\"color: #000000;\"><em><strong>3. NBFCs are doing functions similar to banks. <\/strong><\/em><\/span><\/h3>\n<h3 class=\"head\" align=\"justify\"><span style=\"color: #000000;\"><em><strong>What is the difference between banks &amp; NBFCs?<\/strong><\/em><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">NBFCs lend and make investments and hence their activities are akin to that of banks; however, there are a few differences as given below:<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">NBFC cannot accept demand deposits;<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">The deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.<\/span><\/li>\n<\/ul>\n<hr \/>\n<h3 class=\"head\"><em><strong><span style=\"color: #000000;\">4. Is it necessary that every NBFC should be registered with RBI?<\/span><\/strong><\/em><\/h3>\n<p align=\"justify\"><span style=\"color: #000000;\">In terms of Section 45-IA of the RBI Act, 1934, no Non-banking Financial company can commence or carry on the business of a non-banking financial institution without a) obtaining a certificate of registration from the Bank and without having a Net Owned Funds of \u20b9 25 lakhs (\u20b9 Two crores since April 1999). <\/span><\/p>\n<p align=\"justify\"><span style=\"color: #000000;\">However, in terms of the powers given to the Bank, to obviate dual regulation, certain categories of NBFCs which are regulated by other regulators are exempted from the requirement of registration with RBI viz.<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Venture Capital Fund\/Merchant Banking companies\/Stockbroking companies registered with SEBI, <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Insurance Company holding a valid Certificate of Registration issued by IRDA, <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Nidhi companies as notified under Section 620A of the Companies Act, 1956, <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Chit companies as defined in clause (b) of Section 2 of the Chit Funds Act, 1982, <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Housing Finance Companies regulated by National Housing Bank, Stock Exchange or a Mutual Benefit company. (as per the recent news HFCs are to be regulated by RBI).<\/span><\/li>\n<\/ul>\n<hr \/>\n<h3 class=\"head\" align=\"justify\"><em><strong><span style=\"color: #000000;\">5. What are the requirements for registration with RBI?<\/span><\/strong><\/em><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">A company incorporated under the Companies Act, 1956 and desirous of commencing the business of non-banking financial institution as defined under Section 45 I(a) of the RBI Act, 1934 should comply with the following:<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">It should be a company registered under Section 3 of the companies Act, 1956<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">It should have a minimum net owned fund of \u20b9 200 lakh. (The minimum net owned fund (NOF) required for specialized NBFCs like NBFC-MFIs, NBFC-Factors, CICs is indicated separately in the FAQs on specialized NBFCs).<\/span><\/li>\n<\/ul>\n<hr \/>\n<h3 class=\"head\"><em><strong><span style=\"color: #000000;\">6. What are systemically important NBFCs?<\/span><\/strong><\/em><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">NBFCs whose asset size is of \u20b9 500 cr or more as per last audited balance sheet are considered as systemically important NBFCs. The rationale for such classification is that the activities of such NBFCs will have a bearing on the financial stability of the overall economy.<\/span><\/p>\n<hr \/>\n<h3 class=\"head\"><em><strong><span style=\"color: #000000;\">7. Does the Reserve Bank regulate all financial companies?<\/span><\/strong><\/em><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">No. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Merchant Banking Companies, Stock Exchanges, Companies engaged in the business of stock-broking\/sub-broking, Venture Capital Fund Companies, Nidhi Companies, Insurance companies and Chit Fund Companies are NBFCs but they have been exempted from the requirement of registration under Section 45-IA of the RBI Act, 1934 subject to certain conditions.<\/span><\/p>\n<p style=\"text-align: justify;\" align=\"justify\"><span style=\"color: #000000;\">Companies that do financial business but are regulated by other regulators are given specific exemption by the Reserve Bank from its regulatory requirements for avoiding duality of regulation.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">It may also be mentioned that Mortgage Guarantee Companies have been notified as Non-Banking Financial Companies under Section 45 I(f)(iii) of the RBI Act, 1934. Core Investment Companies with an asset size of fewer than \u20b9 100 crores and those with asset size of \u20b9 100 crores and above but not accessing public funds are exempted from registration with the RBI.<\/span><\/p>\n<hr \/>\n<h3 class=\"head\"><em><strong><span style=\"color: #000000;\">8. What are the different types\/categories of NBFCs registered with RBI?<\/span><\/strong><\/em><\/h3>\n<p style=\"text-align: justify;\"><strong><em><span style=\"color: #000000;\">NBFCs are categorized <\/span><\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>a)<\/strong> In terms of the type of liabilities into Deposit and Non-Deposit accepting NBFCs, <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>b)<\/strong> non-deposit taking NBFCs by their size into systemically important and other non-deposit holding companies (NBFC-NDSI and NBFC-ND) and <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>c)<\/strong> by the kind of activity they conduct. <\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong><em><span style=\"color: #000000;\">Within this broad categorization the different types of NBFCs are as follows:<\/span><\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><em><strong><span style=\"color: #000000;\">I. Asset Finance Company (AFC):<\/span><\/strong><\/em><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">An AFC is a company which is a financial institution carrying on as its principal business the financing of physical assets supporting productive\/economic activity, such as automobiles, tractors, lathe machines, generator sets, earthmoving and material handling equipment, moving on own power and general purpose industrial machines.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Principal business for this purpose is defined as aggregate of financing real\/physical assets supporting economic activity and income arising therefrom is not less than 60% of its total assets and total income respectively.<\/span><\/li>\n<\/ul>\n<hr \/>\n<p style=\"text-align: justify;\"><em><strong><span style=\"color: #000000;\">II. Investment Company (IC): <\/span><\/strong><\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">IC means any company which is a financial institution carrying on as its principal business the acquisition of securities,<\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><em><strong><span style=\"color: #000000;\">III. Loan Company (LC):<\/span><\/strong><\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">LC means any company which is a financial institution carrying on as its principal business the providing of finance whether by making loans or advances or otherwise for any activity other than its own but does not include an Asset Finance Company.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><em><strong><span style=\"color: #000000;\">IV. Infrastructure Finance Company (IFC): <\/span><\/strong><\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">IFC is a non-banking finance company a) which deploys at least 75 per cent of its total assets in infrastructure loans, b) has a minimum Net Owned Funds of \u20b9 300 crores, c) has a minimum credit rating of \u2018A \u2018or equivalent d) and a CRAR of 15%.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><strong>V. Systemically Important Core Investment Company (CIC-ND-SI):<\/strong> <\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">CIC-ND-SI is an NBFC carrying on the business of acquisition of shares and securities which satisfies the following conditions:-<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>(a)<\/strong> it holds not less than 90% of its Total Assets in the form of investment in equity shares, preference shares, debt or loans in group companies;<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>(b)<\/strong> its investments in the equity shares (including instruments compulsorily convertible into equity shares within a period not exceeding 10 years from the date of issue) in group companies constitutes not less than 60% of its Total Assets;<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>(c)<\/strong> it does not trade in its investments in shares, debt or loans in group companies except through block sale for dilution or disinvestment;<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>(d)<\/strong> it does not carry on any other financial activity referred to in Section 45I(c) and 45I(f) of the RBI act, 1934 except investment in bank deposits, money market instruments, government securities, loans to and investments in debt issuances of group companies or guarantees issued on behalf of group companies.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>(e)<\/strong> Its asset size is \u20b9 100 crore or above and<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>(f)<\/strong> It accepts public funds<\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><em><span style=\"color: #000000;\"><strong>VI. Infrastructure Debt Fund:<\/strong> <\/span><\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Non- Banking Financial Company (IDF-NBFC): IDF-NBFC is a company registered as NBFC to facilitate the flow of long term debt into infrastructure projects. IDF-NBFC raise resources through issue of Rupee or Dollar denominated bonds of minimum 5-year maturity. Only Infrastructure Finance Companies (IFC) can sponsor IDF-NBFCs.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><em><strong><span style=\"color: #000000;\">VII. Non-Banking Financial Company: Micro Finance Institution (NBFC-MFI): <\/span><\/strong><\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">NBFC-MFI is a non-deposit taking NBFC having not less than 85% of its assets in the nature of qualifying assets which satisfy the following criteria:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>a.<\/strong> loan disbursed by an NBFC-MFI to a borrower with a rural household annual income not exceeding \u20b9 1,00,000 or urban and semi-urban household income not exceeding \u20b9 1,60,000;<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>b.<\/strong> loan amount does not exceed \u20b9 50,000 in the first cycle and \u20b9 1,00,000 in subsequent cycles;<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>c.<\/strong> the total indebtedness of the borrower does not exceed \u20b9 1,00,000;<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>d.<\/strong> tenure of the loan not to be less than 24 months for loan amount above \u20b9 15,000 with prepayment without penalty;<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>e.<\/strong> loan to be extended without collateral;<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>f.<\/strong> aggregate amount of loans, given for income generation, is not less than 50 per cent of the total loans given by the MFIs;<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>g.<\/strong> the loan is repayable on weekly, fortnightly or monthly instalments at the choice of the borrower.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><strong>VIII. Non-Banking Financial Company \u2013 Factors (NBFC-Factors):<\/strong><\/em> <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">NBFC-Factor is a non-deposit taking NBFC engaged in the principal business of factoring. The financial assets in the factoring business should constitute at least 50 per cent of its total assets and its income derived from factoring business should not be less than 50 per cent of its gross income.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><em><strong><span style=\"color: #000000;\">IX. Mortgage Guarantee Companies (MGC):<\/span><\/strong><\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">MGC are financial institutions for which at least 90% of the business turnover is mortgage guarantee business or at least 90% of the gross income is from mortgage guarantee business and the net owned fund is \u20b9 100 crore.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><em><strong><span style=\"color: #000000;\">X. NBFC- Non-Operative Financial Holding Company (NOFHC):<\/span><\/strong><\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">It is a financial institution through which promoter\/promoter groups will be permitted to set up a new bank. It\u2019s a wholly-owned Non-Operative Financial Holding Company (NOFHC) which will hold the bank as well as all other financial services companies regulated by RBI or other financial sector regulators, to the extent permissible under the applicable regulatory prescriptions.<\/span><\/p>\n<hr \/>\n<h3 class=\"head\" style=\"text-align: justify;\"><em><strong><span style=\"color: #000000;\">9. What are the Residuary Non-Banking Companies (RNBCs)?<\/span><\/strong><\/em><\/h3>\n<p class=\"head\" style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><strong>a) In what way it is different from other NBFCs?<\/strong><\/em><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Residuary Non-Banking Company is a class of NBFC which is a company and has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner and not being Investment, Asset Financing, Loan Company. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">These companies are required to maintain investments as per directions of RBI, in addition to liquid assets. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">The functioning of these companies is different from those of NBFCs in terms of method of mobilization of deposits and requirement of deployment of depositors&#8217; funds as per Directions. Besides, Prudential Norms Directions apply to these companies also.<\/span><\/li>\n<\/ul>\n<hr \/>\n<p><span style=\"color: #000000;\"><em><strong>b) We understand that there is no ceiling on raising of deposits by RNBCs, then how safe is deposit with them?<\/strong><\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">There is indeed no ceiling on raising of deposits by RNBCs. However, every RNBC has to ensure that the amounts deposited with it are fully invested in approved investments. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">In other words, to secure the interests of the depositor, such companies are required to invest 100 per cent of their deposit liability into highly liquid and secure instruments, namely, Central\/State Government securities, fixed deposits with scheduled commercial banks (SCB), Certificate of Deposits of SCB\/FIs, units of Mutual Funds, etc.<\/span><\/p>\n<hr \/>\n<p class=\"head\" style=\"text-align: justify;\"><em><strong><span style=\"color: #000000;\">c) Can RNBC forfeit deposit if deposit instalments are not paid regularly or discontinued?<\/span><\/strong><\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">No. Residuary Non-Banking Company cannot forfeit any amount deposited by the depositor, or any interest, premium, bonus or other advantage accrued thereon.<\/span><\/p>\n<hr \/>\n<p class=\"head\" style=\"text-align: justify;\"><em><strong><span style=\"color: #000000;\">d) What is the rate of interest that an RNBC must pay on deposits and what should be maturity period of deposits taken by them?<\/span><\/strong><\/em><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">The minimum interest an RNBC should pay on deposits should be 5% (to be compounded annually) on the amount deposited in a lump sum or at monthly or longer intervals, and 3.5% (to be compounded annually) on the amount deposited under daily deposit scheme. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">The interest here includes premium, bonus or any other advantage, that an RNBC promises to the depositor by way of return. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">An RNBC can accept deposits for a minimum period of 12 months and a maximum period of 84 months from the date of receipt of such deposit. They cannot accept deposits repayable on demand. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">However, at present, the only RNBCs in existence (Peerless) has been directed by the Reserve Bank to stop collecting deposits, repay the deposits to the depositor and wind up their RNBC business as their business model is inherently unviable.<\/span><\/li>\n<\/ul>\n<hr \/>\n<h3 class=\"head\" style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><strong>10. Does RBI guarantee the repayment of the deposits collected by NBFCs?<\/strong><\/em><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">No.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The Reserve Bank does not guarantee repayment of deposits by NBFCs even though they may be authorized to collect deposits. As such, investors and depositors should take informed decisions while placing a deposit with an NBFC.<\/span><\/p>\n<p><em><strong>Source:<\/strong><\/em> <span style=\"color: #000000;\"><a href=\"https:\/\/www.rbi.org.in\/Scripts\/FAQView.aspx?Id=92\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #3366ff;\"><em><strong>FAQs given on the RBI website<\/strong><\/em><\/span><\/a><\/span><\/p>\n<p><a href=\"https:\/\/m.rbi.org.in\/Scripts\/FAQView.aspx?Id=125\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #3366ff;\"><em><strong>Read about the\u00a0 NBFC Ombudsman Here<\/strong><\/em><\/span><\/a><\/p>\n<hr \/>\n<h2 style=\"text-align: justify;\"><span id=\"Study_material_for_RBI_Grade_B_2020_by_Oliveboard\" style=\"color: #000000;\"><span id=\"The_study_material_for_RBI_Grade_B_2020_by_Oliveboard\"><span id=\"III_What_study_material_to_follow\"><strong><em>Study material for RBI Grade B 2020 by Oliveboard<\/em><\/strong><\/span><\/span><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Oliveboard\u2019s\u00a0<span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><em><strong>RBI Grade B Online Course 2020<\/strong><\/em><\/a>\u00a0<\/span>will be your one-stop destination for all your preparation needs<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span id=\"1_Course_Details\" style=\"color: #000000;\"><em><strong>1. Course Details<\/strong><\/em><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">RBI Grade B Cracker is designed to cover the complete syllabus for the 3 most important subjects:\u00a0<strong>GA for Phase 1 and ESI + F&amp;M for Phase 2 exam.<\/strong>\u00a0Not just that, it\u00a0also includes\u00a0<strong><span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Mock Tests<\/em><\/a><\/span>\u00a0&amp; Live Strategy Sessions<\/strong>\u00a0for\u00a0<strong>English, Quant &amp; Reasoning\u00a0<\/strong>for Phase 1. The course aims to complete your preparation in time for the release of the official notification.<\/span><br \/>\n<u><\/u><\/p>\n<h4 style=\"text-align: justify;\"><span id=\"11_Features\" style=\"color: #000000;\"><em><strong>1.1. Features:<\/strong><\/em><\/span><\/h4>\n<table border=\"1\" width=\"632\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td><span style=\"color: #000000;\"><em><strong>Phase I<\/strong><\/em><\/span><\/td>\n<td><span style=\"color: #000000;\"><em><strong>Phase II<\/strong><\/em><\/span><\/td>\n<\/tr>\n<tr>\n<td>\n<ul>\n<li><span style=\"color: #000000;\">Weekly Live Classes\u00a0for GK<\/span><\/li>\n<li><span style=\"color: #000000;\">Special Live Classes on Exam Pattern &amp; Strategy for Quant, Reasoning &amp; English<\/span><\/li>\n<li><span style=\"color: #000000;\">Sectional + Topic + GK Tests<\/span><\/li>\n<li><span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><em>20 Full-Length\u00a0Mock Tests<\/em><\/a><\/span><\/li>\n<\/ul>\n<\/td>\n<td>\n<ul>\n<li><span style=\"color: #000000;\">Weekly Live Classes &amp;\u00a050+ Video Lectures\u00a0for ESI, and F&amp;M<\/span><\/li>\n<li><span style=\"color: #000000;\">Live Practice Sessions<\/span><\/li>\n<li><span style=\"color: #000000;\">Class and Tips for Descriptive Writing<\/span><\/li>\n<li><span style=\"color: #000000;\">Complete Notes\u00a0for ESI, F&amp;M<\/span><\/li>\n<li><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><em><span style=\"color: #3366ff;\">ESI, F&amp;M\u00a0Mock Tests<\/span><\/em><\/a><\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4 style=\"text-align: justify;\"><span id=\"12_How_to_enrol_for_the_RBI_Grade_B_Online_Course_2020\" style=\"color: #000000;\"><em><strong><span id=\"XIII_How_to_enrol_for_the_SEBI_Grade_A_Online_Course_2020\">1.2. How to enrol for the RBI Grade B Online Course 2020?<\/span><\/strong><\/em><\/span><\/h4>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><em>Step 1 \u2013 Login\/Sign in\u00a0<span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>RBI Grade B Exam Page<\/strong><\/a>.<\/span><\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><em>Step 2 \u2013 After your login\/sign in, click on \u201cEdge (Live Class) on the top left corner.\u00a0<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><em>Step 3 \u2013 As you click you will be redirected to the page where you would find the\u00a0<span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>RBI Grade B<\/strong><\/a><\/span>\u00a0Cracker Course 2020.<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Now that you are aware of the RBI Grade B Online Classes, why wait?<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #000000;\"><em><a style=\"color: #000000;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><strong><span style=\"color: #3366ff;\">Subscribe &amp; Join the RBI Grade B 2020 Online Coaching here.<\/span><\/strong><\/a><span style=\"color: #3366ff;\"><strong>\u00a0<\/strong><\/span><\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-37460 size-full aligncenter\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2019\/05\/RBI-Exams.png\" alt=\"RBI Grade B Toppers\" width=\"523\" height=\"242\" \/><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here is everything that you need to know about the Non-Banking Finance Companies (NBFC) for your exams of RBI Grade<\/p>\n","protected":false},"author":2,"featured_media":58238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,60,10226,320,10247,424],"tags":[600,726,1769,2028,731,2030,2032,2029,1396,2031,2033,748,78,79,2034,2026,2027,830,1503],"class_list":["post-8973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-general-knowledge","category-rbi","category-rbi-grade-b","category-rbi-sebi-nabard","category-sidbi","tag-bank-exams","tag-bank-jobs","tag-bank-mock-tests","tag-banking-awareness","tag-banking-exams","tag-banking-industry","tag-banking-knowledge","tag-banking-terminologies","tag-free-bank-exam-mock-tests","tag-ga","tag-ga-bank-exams","tag-general-awareness","tag-general-knowledge","tag-gk","tag-gk-bank-exams","tag-nbfc","tag-non-banking-financial-companies","tag-rbi","tag-reserve-bank-of-india","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>Non-Banking Financial Companies (NBFCs): All You Need To Know<\/title>\n<meta name=\"description\" content=\"Non-Banking Financial Companies (NBFCs): All You Need To Know for RBI Grade B &amp; SEBI Grade A Exams 2020. 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