What is a Non Banking Financial Company? Differentiate Non Banking Financial Companies (NBFCs) from Banks. Explain the role of NBFCs in Economic Development of a country.

A Non-Banking Financial Company (NBFC) is a financial institution that offers various banking services but does not hold a banking license. NBFCs are registered under the Companies Act, 2013 and regulated by the Reserve Bank of India (RBI) under the provisions of the RBI Act, 1934. These institutions play a crucial role in delivering financial services such as loans, credit facilities, retirement planning, investment, and money market instruments, but they are not allowed to accept demand deposits, which is one of the key differences from banks.

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