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Micro Finance Institutions & Non- Banking Financial Companies NBFCS Part 1
What is the primary objective of Micro Finance Institutions (MFIs) in India?
MFIs aim to provide financial services such as small loans, savings, and insurance to low-income households and micro-entrepreneurs who lack access to formal banking channels.
What is the full form of NBFC as used in Indian financial regulation?
Non-Banking Financial Company regulated by RBI.
Which Act governs the registration and regulation of Non-Banking Financial Companies (NBFCs) in India?
NBFCs are governed by the Reserve Bank of India Act, 1934, specifically under Chapter III-B, which empowers the RBI to regulate and supervise their activities.
Under which section of the RBI Act must every NBFC register with the Reserve Bank?
Section 45-IA of the Reserve Bank of India Act, 1934.
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