The 'financial institution' as defined under Section 2(l) of PMLA includes which of the following?

Section 2(l) of PMLA defines 'financial institution' as a financial institution as defined in clause (c) of Section 45-I of the Reserve Bank of India Act, 1934 and includes a chit fund company, a co-operative bank, a housing finance institution, and a non-banking financial company. This is a broad and inclusive definition that extends beyond scheduled commercial banks. By including NBFCs, co-operative banks, chit fund companies, and housing finance institutions within this definition, PMLA casts a wide net for compliance obligations under Chapter IV (Sections 12-15). This broad scope is aligned with FATF recommendations that AML obligations should cover all financial intermediaries, not just commercial banks.