What is NBFCs

Posted by Ansh Rawat on January 20th, 2021

Non-Banking Financial Companies (NBFC) are establishments that provide financial services and banking facilities without meeting the legal definition of a Bank. They are covered under the Banking regulations laid down by the Reserve Bank of India and provide banking services like loans, credit facilities, TFCs, retirement planning, investing, and stocking in the money market. However, they are restricted from taking any form of deposits from the general public. These organizations play a crucial role in the economy, offering their services in urban as well as rural areas, mostly granting loans allowing for the growth of new ventures.

Tech in the Financial Institutions

Innovation and banking are two words not ordinarily referenced in a similar sentence. Be that as it may, digitalization is going on, and it’s happening in the banking industry at a shockingly quick pace with the continuous & rapid growth of the fintech sector.

As per a detailed survey conducted by PwC:

“Respondents say skills in their organization lag across a range of highly critical domains, including privacy, business development of new technologies, cybersecurity, user experience, and human-centered design. Worse, skill levels have declined even as the demands of the current digital pace.”

Due to the fintech solutions' tremendous potential to disturb the current and customary banking framework, this domain is presently picking up footing in the zones of loaning, credit system, deposits, and asset management. Currently, fintech organizations or the banks dealing with technological solutions are proficiently harnessing cutting-edge technologies to defeat general business difficulties, assemble items and administrations, for example, building products such as last-mile reach & delivery, fraud detection, regulatory compliance, enterprise automation for accounting, alternative credit models, treasury & reconciliation for conventional banks and NBFC Company in India.

Services Offered by NBFCs

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