Non-bank financial companies and their boundaries
- Principal financial activity determines the NBFC boundary
- NBFCs cannot accept demand deposits
- NBFC status does not confer bank cheque-issuance powers
- NBFC deposits lack DICGC deposit insurance
- RBI-registration exemptions depend on the activity and regulator
- NBFC registration alone does not permit public deposits
- Public funds are broader than public deposits
- Scale-based supervision differentiates regulatory layers
- Prudential supervision addresses leverage and loss recognition
- Conduct rules address disclosures and borrower treatment