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Question
Non-banking financial institutions are registered under ___________.
Non-banking financial institutions are registered under ___________.
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Solution
The correct option is A Companies Act of 1936
Financial institutions registered under the Company Act of 1936 are known as non-banking financial companies. They operate under the supervision of the Reserve Bank of India.
Non-banking financial institutions are similar to banks. They can accept deposits and also extend loans. However, they are not allowed to provide services like cheque withdrawal, mail transfer, and locker facilities.
Financial institutions registered under the Company Act of 1936 are known as non-banking financial companies. They operate under the supervision of the Reserve Bank of India.
Non-banking financial institutions are similar to banks. They can accept deposits and also extend loans. However, they are not allowed to provide services like cheque withdrawal, mail transfer, and locker facilities.
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