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Question
Which of the following differentiates a bank from an NBFC?
Which of the following differentiates a bank from an NBFC?
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Solution
The correct option is A They cannot issue demand draft
Both NBFCs and banks operate in the financial sector and can lend money. NBFCs which have license to do so can also accept deposits like banks. However unlike banks they cannot issue demand draft and cannot issue cheques drawn on itself.
Both NBFCs and banks operate in the financial sector and can lend money. NBFCs which have license to do so can also accept deposits like banks. However unlike banks they cannot issue demand draft and cannot issue cheques drawn on itself.
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