NBFC

Teena (Querist) 02 December 2009 This query is : Resolved
One Private Company registered as NBFC can accept public deposits?

If No then what would be better option , either 1. to convert into Public NBFC Company or 2. convert into Co-operative Bank ?

all the professional are requested to give your views who has already handled this matter.

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prakash vathore (Expert) 02 December 2009
NBFC Companies cant accept the public deposits except close relatives.

better option is to convert into co-op bank.

Raj Kumar Makkad (Expert) 02 December 2009
Non-Banking Financial Companies (NBFC) have got no legal authorty to accept the public money and for this purpose it shall have to be converted into banking financial company and both the options are open before it having merits and demerits both. Better to consult an experienced Chartered Accountant or experienced bureaucrat dealing with the financial matters before framing any final opinion.

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