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      Question

      With reference to Non-Banking Financial Company (NBFC),

      consider the following statements:         I.            NBFC cannot accept demand deposits.       II.            NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself.     III.            Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs. Which of the statements given above is/are correct?
      A I and II both Correct Answer Incorrect Answer
      B I only Correct Answer Incorrect Answer
      C III only Correct Answer Incorrect Answer
      D II only Correct Answer Incorrect Answer
      E I, II and III Correct Answer Incorrect Answer

      Solution

      Features of NBFCs ·         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.

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