List Of NBFCs Allowed To Accept Public Deposits

Classroom

oi-Sunil Fernandes

By Sunil Fernandes

Published: Saturday, August 6, 2016, 8:09 [IST]

Raising public deposits is a popular way by which NBFC's look to raise capital to meet their own funding requirements. Given that public deposits from NBFC's are not secure, the Reserve Bank Of India (RBI) authorizes only select companies to raise money by way of Public Deposits.

What this means is that all NBFC Companies are not allowed to raise money from the Public.

Here is a list of companies that are allowed to raise money by way of Deposits.

We have given a list of companies only from the major metropolitan cities in the country.

1) Bengaluru

Achal Finance Ltd

Shaan Finance Limited

Trikaal Leasing And Finance Ltd

Chemm Finance Ltd

Diganta Investments And Finance Co. Ltd

2) Chennai

Shriram City Union Finance Limited

Shriram Transport Finance Company Limited

Tamilnadu Transport Development Finance Corporation Limited

Galada Finance Limited

Savery Transport Finance Limited

Deccan Finance Limited

Fullerton India Credit Company Limited

Karur Gayathiri Finance Limited

Integrated Finance Company Limited

Ever Trust Finance (INDIA) Limited

Sakthi Finance Limited

Texcellent Fin-Invest Ltd

Tindo Asia Finance Limited

Sundaram Finance Limited

Amilnadu Urban Finance And Infrastructure

Development Corporation Limited

Sundaram Finance Limited

Sri Vijayaram Hire Purchase And Leasing Finance Limited

Tamil Nadu Power Finance And Infrastructure Development Corporation Limited

3) Mumbai

Bajaj Finance

Mahindra And Mahindra Finance

Jaybharat Credit

4) Kolkata

West Bengal Infrastructure Development Finance Corpn

West Bengal Industrial Development Corpn. Ltd

The Peerless General Finance & Investment Company Ltd

5) New Delhi

Jindal Fincap Ltd.

Majha Investment Ltd.

Naini Fincap Limited

Parv Financiers Ltd.

Pee Jay Finance Co. Ltd.

Pitampura Leasing & Housing Finance Ltd.

Samrat Motor Finance Ltd.

Shane Haryana Finlease Ltd.

The Delhi Safe Deposit Company Ltd.

Trans Asia Auto & General Finance Ltd.

Umeed Investments Ltd.

Vivek Motor Finance Ltd.

Rakshit Motor & General Finance Ltd.

Umeed Leasing & Finance Ltd. (Formerly Umeed Leasing & Finance Pvt.

Auto & Household Finance (India) Limited

Fincap Financial Corporation Limited

Apart from the list mentioned above, there are many other NBFCs that are authorized to raise fixed deposits. The above list is only selective. The Reserve Bank of India keeps updating the list from time to time. We wish to emphasize once again that not all NBFC's are allowed to raise money and are list is not complete by any means.

Difference between NBFCs and Banks

Does registration with the RBI allow you to raise deposits?

No, a mere registration with the RBI does not allow a company to raise money by way of fixed deposits. In fact, we suggest that when investors wish to apply for fixed deposits, they do so only from the larger and well managed NBFC fixed deposits.

These should be AAA rated by the rating agencies in the country. From among the host of NBFCs you can pick companies like Mahindra Finance and Bajaj Finance. These are highly rated AAA deposits.

When you should invest on in a company deposit in India?

How to apply to the RBI for license to raise public deposits?

The application can be done by an online mechanism and thereafter one can send the physical formalong with the documents to the regional office of the RBI.

The application can be checked and viewed online.These days it not a very cumbersome process to get registration, though you need to comply with the Reserve Bank of India guidelines from time to time.

Goodreturns.In