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An NBFC (non-banking financial company) is a company that conducts specified financial activities—such as lending, investing in securities, leasing or hire-purchase—under India’s regulatory framework, without being a bank. Banks and NBFCs may both offer loans, but they do not have the same permissions. The clearest differences are that an NBFC cannot accept demand deposits, is not part of the payment and settlement system and cannot issue cheques drawn on itself, and its deposits are not covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The exact rules still depend on the NBFC’s regulatory category and the permissions granted to that particular company.
What is an NBFC?
The Reserve Bank of India (RBI) describes an NBFC as a company engaged in financial business such as loans and advances, acquiring securities, leasing, hire-purchase, insurance business or chit business, subject to the statutory definition and exclusions. A company whose principal business is agriculture, industrial activity, trading in goods other than securities, providing services or dealing in immovable property is outside that definition for this purpose.
In practical terms, an NBFC is a corporate financial intermediary rather than a bank. It may finance consumers or businesses, buy or hold securities, or provide another regulated financial service. Calling a company a “lender” does not by itself prove that it is an NBFC: the company’s legal status, principal business and RBI registration must be checked separately.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsRBI’s plain-language FAQ, “All you wanted to know about NBFCs,” was updated on January 10, 2017. It remains a useful explanation of the basic concepts, but a legal or entity-specific decision should be checked against the latest applicable RBI directions.
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The 50-50 principal-business test
The RBI FAQ uses the familiar “50-50 test” as a shorthand for identifying a company whose principal business is financial. The test concerns the relative importance of financial assets and financial income in the company’s business. It is a regulatory screen, not a market statistic or a guarantee that every company meeting a numerical threshold has identical permissions. Because the FAQ’s wording is from 2017, use the current directions and the company’s registration details when the classification matters.
NBFC is an umbrella category
“NBFC” does not describe one uniform product or risk profile. RBI’s 2025 Handbook on Regulations at a Glance lists several categories, including investment and credit companies, peer-to-peer lending platforms, account aggregators and microfinance institutions. Each category can have a different regulatory framework, permitted activity and capital or governance requirement.
| Example category | What the label tells you | What it does not tell you |
|---|---|---|
| Investment and credit company | The company falls within a broad investment-and-credit regulatory category. | It does not establish which loan, investment or deposit products that company currently offers. |
| Peer-to-peer lending platform | The entity operates a regulated platform connecting lenders and borrowers under the applicable framework. | It does not mean the platform itself is a bank or that a lender’s return is guaranteed. |
| Account aggregator | The entity is in the regulated category for consent-based financial-data aggregation. | It does not mean the entity takes deposits or provides ordinary bank accounts. |
| Microfinance institution | The entity is subject to the framework applicable to microfinance activity. | It does not make every product, borrower criterion or pricing term the same across institutions. |
The category matters whenever you compare permissions, disclosures, customer protections or the service being offered. Read the institution’s current RBI status and product documents instead of treating “NBFC” as a complete description.
How is an NBFC different from a bank?
Banks and NBFCs can both provide credit, but RBI identifies several specific legal and operational distinctions. The table below keeps the comparison to differences established by RBI material; it does not imply that one type is universally safer, cheaper or better.
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| Question | Bank | NBFC |
|---|---|---|
| Can it accept demand deposits? | RBI’s FAQ contrasts banks with NBFCs on this permission. | Cannot accept demand deposits. |
| Is it part of the payment and settlement system? | RBI’s FAQ identifies participation as a banking function that distinguishes banks from NBFCs. | Does not form part of the payment and settlement system. |
| Can it issue cheques drawn on itself? | Banks can provide the banking cheque function covered by the comparison. | Cannot issue cheques drawn on itself. |
| Are deposits covered by DICGC? | DICGC deposit insurance is available to bank depositors under the applicable scheme. | NBFC deposits are not covered by DICGC deposit insurance. |
| RBI authorisation | Banks operate under their own banking authorisation and regulatory regime. | An NBFC generally cannot commence or carry on NBFC business without registration under section 45-IA of the RBI Act, subject to statutory scope and exemptions. |
Demand deposits are not the same as every kind of deposit
A demand deposit is money that can be withdrawn on demand, such as the balance in a typical current or savings account. The headline rule is that an NBFC cannot accept demand deposits. That does not mean every NBFC is barred from every form of deposit: RBI’s FAQ distinguishes public deposits from demand deposits and advises customers to verify whether a particular NBFC is specifically authorised to accept public deposits.
Payment-system and cheque limitations
RBI’s FAQ says NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on themselves. This is why an NBFC loan account should not be treated as a bank deposit account or a substitute for a bank’s cheque and payment facilities. The fact that an NBFC collects instalments electronically, uses a bank account for disbursement or offers a digital interface does not change that regulatory distinction.
DICGC insurance does not cover NBFC deposits
DICGC deposit insurance available to bank depositors does not extend to deposits accepted by NBFCs. An RBI registration or supervisory framework is not a promise that every deposit will be repaid. RBI’s depositor guidance specifically warns that repayment of NBFC deposits is not guaranteed by RBI. A person considering an NBFC deposit therefore has to establish both that the company is registered and that it has the separate permission required to accept that deposit.
Registration is a threshold requirement, not a quality rating
RBI states that an NBFC cannot commence or carry on NBFC business without registration under section 45-IA, subject to the applicable statutory scope and exemptions. RBI’s April 1, 2025 Master Circular – Bank Finance to Non-Banking Financial Companies (NBFCs) also states the broad registration requirement for NBFCs, including housing finance companies, under the applicable provisions.
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Registration tells you that the entity is within the relevant regulatory perimeter. It does not mean RBI has endorsed a particular interest rate, loan contract, investment return or repayment outcome. Those questions require reading the product’s terms and assessing the institution’s current financial and operational information.
Can an NBFC take deposits?
Only some NBFCs may accept public deposits, and they need the relevant authorisation. No NBFC may accept demand deposits. RBI’s FAQ advises a prospective depositor to perform two separate checks:
- Confirm current RBI registration. Make sure the legal entity, not merely a brand name or app, appears in the current RBI information for registered NBFCs.
- Confirm permission to accept public deposits. Registration as an NBFC alone is not enough. Look for the specific authorisation and read the company’s current deposit document.
- Check the product terms. Review maturity, premature-withdrawal rules, interest calculation, renewal, nomination, payment instructions and the entity responsible for repayment.
- Account for the lack of DICGC cover. Treat the deposit as outside bank deposit insurance and do not assume RBI guarantees repayment.
The detailed rates, ratings, tenures and other conditions in older RBI depositor guidance can change. Do not reuse a historical number as a current offer; rely on the latest directions and the company’s present documentation.
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Two companies carrying the NBFC label may have very different customer relationships. A peer-to-peer platform, for example, is not the same type of intermediary as a company that lends from its own balance sheet. An account aggregator’s regulated role concerns consent-based financial information, not ordinary deposit-taking. A microfinance institution operates under rules designed for microfinance activity, while an investment and credit company may have a different permitted-business profile.
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Before comparing two institutions, identify:
- the legal entity’s registered name and current RBI category;
- the precise product—loan, public deposit, securities investment, data-consent service or another offering;
- which entity signs the contract and receives or repays money;
- the permissions and disclosures that apply to that category; and
- the consumer-protection or insurance arrangement for that product.
This approach prevents a common error: treating a regulated label as if it answered every question about a specific service.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to check an NBFC before using its service
Step 1: Match the legal entity
Write down the full company name in the agreement, website terms and payment instructions. A trading name, loan app or intermediary may not be the regulated entity. Search the RBI’s current registration information using the legal name and compare the registered address and category with the documents you received.
Step 2: Identify the activity and permission
Ask what the company is actually doing. Is it lending, operating a peer-to-peer platform, aggregating account data, accepting a public deposit or providing another financial service? Then verify that the company’s category and permission cover that activity. Do not infer deposit-taking authority from the fact that the company offers loans.
Step 3: Separate supervision from guarantees
RBI regulation and registration are not equivalent to a guarantee of repayment, return or approval of commercial terms. For a loan, examine the total repayment obligation, fees, security, default consequences and complaint route. For a deposit, begin with the absence of DICGC cover and assess whether the risk is acceptable to you.
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Step 4: Keep records and use the complaint path
Retain the sanction letter or deposit receipt, account statements, repayment schedule, consent records and communications. Start a complaint with the regulated entity through its published process. If the response is inadequate, use the RBI complaint mechanism applicable to the entity and service, keeping copies of the original complaint and supporting documents.
What this difference means for borrowers
For a borrower, the bank-versus-NBFC label is only one part of the decision. The same comparison should include the actual annualised cost, processing and foreclosure charges, collateral or guarantee requirements, repayment frequency, data permissions, late-payment consequences and the lender’s customer-service process. The supplied RBI material establishes the institutional differences described above; it does not establish that banks always offer lower rates, that NBFCs approve loans faster or that either type is universally more suitable.
| Borrower question | Why it matters |
|---|---|
| Who is the contractual lender? | It determines which entity’s licence, terms and complaint process apply. |
| What is the total cost? | Interest alone may not show processing, insurance, late or foreclosure charges. |
| How is repayment scheduled? | Monthly, weekly or other instalments affect cash-flow requirements and default risk. |
| What happens after missed payment? | The agreement should explain charges, collection conduct, security enforcement and reporting. |
| What information is collected? | Digital applications may involve consent for financial or identity data; read the stated purpose and duration. |
Common misconceptions
“Every company that gives loans is an NBFC.”
False. A company may be a bank, another regulated entity, a facilitator or an unregulated business. Confirm the legal entity and RBI status.
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“RBI registration means my deposit is guaranteed.”
False. NBFC deposits are not covered by DICGC, and RBI does not guarantee their repayment.
“NBFC” means one standard set of products.
False. RBI’s 2025 handbook lists multiple NBFC categories with different frameworks and activities.
“No demand deposits” means an NBFC can never accept any deposit.
Not necessarily. Some NBFCs may be specifically authorised to accept public deposits, but none may accept demand deposits. Verify both registration and deposit-taking permission.
Key takeaways
- An NBFC is a company conducting specified financial business, not a single product or uniform risk class.
- The main RBI distinctions from banks are no demand deposits, no participation in the payment and settlement system, no cheques drawn on the NBFC itself and no DICGC insurance for NBFC deposits.
- NBFC categories—such as investment and credit companies, peer-to-peer platforms, account aggregators and microfinance institutions—have different rules.
- Check the specific entity’s current RBI registration and, for deposits, its separate authorisation to accept public deposits.
- Regulation is not a repayment guarantee; evaluate the actual contract and product terms.
Authoritative references and freshness
For the plain-language definition, headline differences and depositor cautions, consult RBI’s “All you wanted to know about NBFCs,” updated January 10, 2017. For the current range of categories and category-specific regulatory context, consult RBI’s 2025 Handbook on Regulations at a Glance. For the broad registration statement covering NBFCs, including housing finance companies, consult RBI’s Master Circular – Bank Finance to Non-Banking Financial Companies (NBFCs), dated April 1, 2025. Regulations and an institution’s permissions can change, so verify the current RBI information before depositing money, signing a loan or relying on a company’s description of itself.
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