Question
With reference to the NBFCs, consider the following
statements: 1. It is a company registered under the Companies Act, 1956 2. NBFC cannot accept demand deposits. 3. NBFC can issue cheques drawn on itself. Which of the statements given above is/are incorrect?Solution
Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 and engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business NBFC cannot accept demand deposits; NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself; deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.
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