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NBFC and MFI in India

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NBFC

NBFC means Non Banking Financial Company.[1] A non-banking financial company (NBFC) is a company registered under the Companies Act, 1956 and is engaged in the business of loans and advances, acquisition of shares/stock/bonds/debentures/securities issued by government or local authority or other securities of like marketable nature, leasing, hire-purchase, insurance business, chit business, but does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable property.[2]


MFI

Microfinance institutions, also known as MFIs[3], offer financial services to underserved, impoverished communities.


MFIs go for NBFC licences

An Increasing number of microfinance institutions (MFIs) are seeking non-banking finance company (NBFC) status from RBI to get wide access to funding, including bank finance.[4]

  1. ^ http://acronyms.thefreedictionary.com/NBFC
  2. ^ http://www.rediff.com/money/2007/jul/20nbfc.htm
  3. ^ http://acronyms.thefreedictionary.com/MFI
  4. ^ http://economictimes.indiatimes.com/News/News_By_Industry/Finance__Insurance/Finance/MFIs_go_for_NBFC_licences_for_better_access_to_funds/articleshow/988065.cms
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