Annual Compliance of NBFC
Non-banking financial companies (NBFC) are fast developing as a significant segment of Indian financial system. It is an assorted group of organizations (other than commercial and co-operative banks) carrying out financial intermediation in a variety of ways, like accepting deposits, making loans & advances, leasing, hire purchase, etc. They raise funds from the public, directly or indirectly, & lend them to ultimate spenders. They advance loans to the numerous wholesale & retail traders, small-scale industries & self-employed persons. Therefore, they have broadened & diversified the range of products & services offered by a financial sector. Steadily, they are being accepted as corresponding to the banking sector due to their customer-oriented services; simplified procedures; attractive rates of return on deposits; flexibility & timeliness in meeting the credit needs of specified sectors; etc.