alleryStart learning →An NBFC differs from a bank in that it is what?
ANot legally a bank
BAlways government-owned
CBarred from lending
DAlways a cooperative
Answer & Solution
Correct answer: A. Not legally a bank
A non-banking financial company is a financial institution that is not legally a bank and lacks a full banking licence.
Keep practising Special Features of Audit of Banks and Non-Banking Financial Companies
Browse all Special Features of Audit of Banks and Non-Banking Financial Companies questions for CA Final, or explore more Auditing topics.
Related questions
Under s.17, what must a profitable bank do before declaring dividend?A bank trades in groceries for profit. Which section does this breach?Which of these is an example of a non-banking financial institution?A loan is generally non-performing when payments of interest and principal are past due byWhich formula gives SLR? (DTL = demand plus time liabilities)Raising SLR is generally used by RBI for what purpose?The statutory liquidity ratio is expressed as a percentage of which bank amount?Within how many days after month end must a bank furnish the RBI its s.24 return?