The non-banking financial institution which comes under the category of financial institutions cannot accept deposits into savings and demand deposit accounts. A bank is a financial institution which can accept deposits into various savings and demand deposit accounts, and give out loans. You can read about the Types of Banks in India – Category and Functions of Banks in India in the given link.
Further readings:
- Types of Non Banking Financial Institutions India
- RBI – Reserve Bank of India [UPSC Indian Economy Notes]
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Related Links |
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Financial Inclusion – National Strategy for Financial Inclusion [UPSC GS-III] |
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Bad Banks – Idea Proposed by Indian Banking Association (IBA) Due to COVID-19 |
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