IIBF NBFC Practice Questions - IIBF Certificate Examination In Non-Banking Financial Companies (India) Exam

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Which of the following is a primary distinction between Non-Banking Financial Companies (NBFCs) and Scheduled Commercial Banks in India regarding deposit acceptance?

NBFCs cannot accept any form of public deposits, whereas banks can. NBFCs cannot accept savings deposits and current deposits payable on demand, whereas banks can. NBFCs can only accept interest-free deposits, whereas banks can pay interest. NBFCs can issue cheques drawn on themselves, whereas banks cannot.

Correct Answer:

NBFCs cannot accept savings deposits and current deposits payable on demand, whereas banks can.

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