A non banking institution that has a principal business of receiving deposits under any scheme or ar...........

Economics- Phase (I & II) Non-banking Financial Institutions.

A non-banking institution that has a principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions is known as?

Principal non-banking company

Residential non-banking company

Residuary non-banking company

Optional non-banking company

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Explanation:

Residuary Non-Banking Company. Definition: The Residuary Non-Banking Company is yet another form of a financial institution engaged in the principal business of accepting deposits, under any scheme or arrangement or in any other form and not being asset financing, investment, loan company.