Banking services by an individual

Dinesh (Querist) 10 January 2018 This query is : Resolved
Dear Experts,

I have an curiosity in mind that can an individual start banking business i.e. accepting deposits and advancing loans on interest. If yes, than what are the legal requirements and which law applicable. Further, if GST is applicable on such service and registration for the same is required under GST or not.

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Guest (Expert) 10 January 2018
Good to note about your cherished desire that you want to start banking business, but want to depend upon some casual knowledge about banking, as if it is a cottage industry!

Kumar Doab (Expert) 10 January 2018
Your aim is banking company or Finance Company…….

Ms.Usha Kapoor (Expert) 11 January 2018
https://business.mapsofindia.com/how-to-start/bank.html
By clicking the above link you'd know how to start a banking business.GST is applicable to banking business so you can go for registration of the same in banking business.

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