BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Non-banking financial companies acceptance of public deposits (Revenue Bank) directions 1998
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Non-banking financial companies acceptance of government deposits (Revenue Bank) directions, 1998
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Non-banking financial companies acceptance of private deposits (Revenue Bank) directions, 1998
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Non-banking financial companies acceptance of deposits money lenders (Revenue Bank) directions, 1998
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Detailed explanation-1: -That the NBFC is registered with RBI and specifically authorized by the RBI to accept deposits.
Detailed explanation-2: -NBFCs cannot accept deposits for a period less than 12-months and more than 60 months and the maximum interest rate that an NBFC can pay to a depositor should not exceed 12.5%.
Detailed explanation-3: -Which entities can legally accept deposits from public? Banks, including co-operative banks, can accept deposits. Non-bank finance companies, which have been issued Certificate of Registration by RBI with a specific licence to accept deposits, are entitled to accept public deposit.
Detailed explanation-4: -The Department of Non-Banking Supervision (DNBS) is entrusted with the responsibility of regulation and supervision of Non-Banking Financial Companies (NBFCs) under the regulatory-provisions contained under Chapter III B and C and Chapter V of the Reserve Bank of India Act, 1934.