What is the full-form of NBFC?

a. Non-Bank Financial Competition

b. Non-Bank Foreign Company

c. Non-Banking Financial Company

d. Non-Banking Finance Corporation

ANSWER: Non-Banking Financial Company

Explanation:

NBFC - A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 2013 of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds hire-purchase, insurance business or chit business.

The working and operations of NBFCs are regulated by the Reserve Bank of India (RBI).

Types of NBFCs in India are -

Asset Finance Company (AFC)

Investment Company (IC)

Loan Company (LC)

Infrastructure Finance Company (IFC)

Infrastructure Debt Fund : Non- Banking Financial Company (IDF-NBFC)

Gold Loan NBFCs in India

Residuary Non-Banking Companies (RNBCs)