How to get NBFC License in India
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act that is engaged in the business of loans and advances, receiving deposits (some NBFCs only), acquisition of stocks or shares, leasing, hire-purchase, insurance business, chit business. Therefore, NBFCs lend and take deposits similar to banks; however there are a few differences a) NBFCs cannot accept demand deposits, NBFCs cannot issue cheques drawn on themselves and NBFC depositors are not covered by the Deposit Insurance and Credit Guarantee Corporation.