Commercial and Cooperative Banks

All Commercial and Co-operative Banks are entitled to accept deposits. Commercial banks include all scheduled banks, private banks, public sector banks and foreign banks.

Co-operative Banks include all scheduled urban co-operative banks and state co-operative banks.

Banks under commercial and co-operative banks are regulated by the Reserve Bank of India (RBI).

Non-Banking Finance Companies (NBFCs)

Note that not all NBFCs are authorized to accept a deposit, while a few are allowed up to a certain limit. Non-Banking Finance Companies are regulated by the RBI.

As per rules, NBFCs should have Certificate of Registration under Section 45 IA of RBI Act, to hold or accept deposits from the public.

Housing Finance Companies (HFCs)

Only a few HFCs are permitted to accept deposits such as Dewan Housing Finance Corporation, PNB Housing Finance, LIC Housing Finance etc. HFCs are regulated by the National Housing Bank (NHB).

Cooperative Credit Societies

Cooperative Credit Societies can only accept deposits from their voting members. It is regulated by the Registrar of Cooperative Societies (RCS).

Multi-State Cooperative Societies

Multi-State Cooperative Societies are eligible to accept deposits only from their voting members and it is regulated by the Central Registrar of Cooperative Societies.

Other Companies

Only eligible companies are allowed to accept deposits under Companies (Acceptance of Deposit) Rules, 2014 up to a certain limit. These companies are regulated by Ministry of Corporate Affairs (MCA).