Consider the following statements regarding Non Banking Financial Companies NBFC 1 They are reg...........

Economic Affairs Non Banking Financial Companies (NBFCs)

Consider the following statements regarding Non-Banking Financial Companies (NBFC)

1.They are registered under the RBI Act, 1934.

2.Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.

3. NBFCs whose asset size is of Rs500 cr or more as per last audited balance sheet are considered as systemically important NBFCs.

How many of the statements given above are correct?

Only One

Only Two

All Three

None

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Explanation:

2 and 3

They are registered under the RBI Act, 1934. (Incorrect - NBFCs are registered and regulated under the Reserve Bank of India (RBI) but not specifically under the RBI Act, 1934. The regulatory framework for NBFCs is outlined in the Reserve Bank of India Act, 1934, and other guidelines issued by the RBI.)

Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in the case of banks. (Correct - Unlike banks, deposit insurance facility provided by Deposit Insurance and Credit Guarantee Corporation (DICGC) is not available to depositors of NBFCs.)

NBFCs whose asset size is of Rs 500 cr or more as per the last audited balance sheet are considered as systemically important NBFCs. (Correct - NBFCs with an asset size of Rs 500 crore or more are considered systemically important NBFCs.)