The firms incorporated under the Companies Act 2013 as the public or private limited company having objective of financial activity are known as NBFC or Non-Banking Financial Companies. NBFCs offer banking services without having met the legal banking concept. Under RBI Act Section 451(c), a Non-Banking Company carrying on a Financial Institution business would be an NBFC. It is regul... https://www.corpzo.com/conversion-of-nbfc-into-bank