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Question
Which of the following is a non-banking financial institution?
Which of the following is a non-banking financial institution?
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Solution
The correct option is A Chit fund
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 withdrawals, mail transfers, 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 withdrawals, mail transfers, and locker facilities.
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