But, they don’t include services concerning industrial activity, sale, agriculture activity, purchase, or construction of the immovable property. They supplement the functions of NBFCs in meeting the rising financial requirements of the corporate sector, providing credit to the unorganised sector & small local borrowers. Non-Banking Financial Companies are financial mediators involved in the business of accepting deposits providing credit and play an essential role in channelising the limited financial resources to capital formation. Emergency services such as financial help and guidance are also furnished to the clients in matters relating to insurance. Non-Banking Financial Companies (NBFCs) play a vital role in participating in the country’s economic development by furnishing a fillip to employment generation, bank credit, transportation, and wealth creation in rural areas and to aid financially weaker sections of society. Moreover, Non-Banking Financial Companies often take a lead role in delivering innovative financial services to MSMEs most appropriate to their business needs. NBFCs or Non-Banking Financial Companies play an essential role in encouraging comprehensive growth in India by providing the varied financial requirements of bank excluded clients. NBFCs in India are Game-Changers that are Essential to the Economy?īefore we discuss the functions of NBFCs in India, let’s first understand the meaning of NBFCs.
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