Which one of the followings is not the service provided under NBFCs?

This question was previously asked in
UGC NET Paper-2: Commerce 25th Dec 2021 Shift 2
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  1. Leasing services
  2. Implementing modernisation
  3. Asset management services
  4. Mutual benefit finance services bank

Answer (Detailed Solution Below)

Option 2 : Implementing modernisation
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UGC NET Paper 1: Held on 21st August 2024 Shift 1
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50 Questions 100 Marks 60 Mins

Detailed Solution

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The correct answer is Implementing modernisation

Key PointsNon-Banking Financial Company (NBFC):

A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property.

A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in instalments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company).

Important Points NBFC Following are the essential functions of:

  • Retail Financing
  • Infrastructure Financing
  • Hire Purchase Services
  • Trade Finance
  • Asset Management Services
  • Leasing Services
  • Venture Capital Services, etc.

 

NBFC does not provide service of implementation of modernisation as per  above option. 

 

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