Non-Banking Financial Companies (NBFCs) are those companies that provide banking services without having a banking license. NBFCs are not like banks and have some restrictions.
NBFCs play a vital role in the country’s economy by offering financial services to rural areas, where about 70% of the population of the country live. They provide a wide range of financial services like loans, chit-funds, etc.
The NBFC sector is a big sector, which is growing swiftly and at present account for more than 12% of the country’s GDP. NBFC also contribute to the country’s economy by lending to infrastructure projects.
NBFC companies can be classified into different categories such as development finance institutions, leasing companies, investment companies, discount & guarantee houses, venture capital companies, corporate and development companies.
There are many non-banking financial companies operating in the country, which offer financial services. This post lays a precise description of the Top 10 Non-Banking Financial Companies (NBFC) in India.