A Non Banking Financial Company in India provides financial services similar to banks, including loans, investments, insurance, and asset financing. Registered under the Companies Act, 2013, with a minimum Net Owned Fund (NOF) of Rs. 200 Lakhs, NBFCs must also obtain a license from the Reserve Bank of India (RBI) under Section 45-IA of the RBI Act, 1934. They play a vital role in supporting underserved markets, offering quicker access to credit and financial services in rural and semi-urban areas. NBFCs cater to sectors such as microfinance, infrastructure finance, and asset management, contributing to economic growth and financial inclusion in India.
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