BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Insurance
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Deposit
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Non-deposit
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None of the above
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Detailed explanation-1: -NBFC-Factor means a non-banking financial company fulfilling the Principal business criteria i.e. whose financial assets in the factoring business constitute at least 75 percent of its total assets and income derived from factoring business is not less than 75 percent of its gross income, has Net Owned Funds of Rs.
Detailed explanation-2: -Residuary Non-Banking Company is a class of NBFC which is a company and has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner and not being Investment, Asset Financing, Loan Company.
Detailed explanation-3: -Trade receivables factoring is a form of financing that permits business to convert their outstanding invoices into working capital which they can then utilize for their business operations. This is typically done by way of assignment of trade receivables of the assignor to the factor/NBFC for monetary consideration.