research prop sandy

8/2/2019 Research Prop SANDY

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LOVELY PROFESSIONAL UNIVERSITY

DEPARTMENT OF MANAGEMENT

Synopsis of capstone project

Financial performance of non banking finance companies.

Submittedto Lovely Professional University

Mr. Abhishek

Submitted by:

Paramveer Singh RAQ3703B41

Ramandeep kaur RAQ3703B43

Sandeep kaur RAQ3703B42

Vidhu gupta RAQ1709A09

DEPARTMENT OF MANAGEMENT

LOVELY PROFESSIONAL UNIVERSITYJALANDHAR NEW DELHI GT ROAD

PHAGWARA

PUNJAB


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TABLE OF CONTENTS

1. Abstract..3

2. Introduction..........4

3. Review of Literature.5

4. Basic information of NBFCS.13

5. Need for the study...19

6. Scope of the study...19

7. Research Objective..228. Research Design..22

9. Research Methodology...22

10. Research Tool.22

11. Tentative Chapterization..23

12. Bibliography..24


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ABSTRACT

A financial sector is critical for facilitating higher economic growth. Financial intermediaries like Non-

Banking Financial Companies (NBFCs) constitute a significant element of the financial system

organization. NBFCs, also known as Finance Companies, Loan Companies, Finance Corporations etc.,

in the business parlance, they have earned a respectable place by providing quick and tailor-made

solution to the financial requirements of different segments of the borrowers. The industry is not

tightly regulated as there are many regulatory bodies. Hence, there was an important need to study the

NBFC as the industry plays an important role in the financial Services market of INDIA. There are

almost 13000 registered NBFCs in India. The study is aimed to provide a holistic view of the NBFC

Industry This research report is an attempt to analyze the financial positions of non financial banking

companies.


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CHAPTER-1

INTRODUCTION


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INTRODUCTION

Non-banking financial companies (NBFCs) are fast emerging as an important segment of Indian

financial system. Financial intermediaries like Non-Banking Financial Companies (NBFCs) constitute

a significant element of the financial system organization. NBFCs, also known as Finance Companies,

Loan Companies, Finance Corporations etc., in the business parlance, they have earned a respectable

place by providing quick and tailor-made solution to the financial requirements of different segments

of the borrowers.

A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956

and is engaged in the business of loans and advances, acquisition of

shares/stock/bonds/debentures/securities issued by Government or local authority or other securities of

like marketable nature, leasing, hire-purchase, insurance business, but does not include any institution

whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of

immovable property.

A non-banking institution which is a company and which has its principal business of receiving

deposits under any scheme or arrangement or any other manner, or lending in any manner is also a

non-banking financial company It is an heterogeneous group of institutions (other than commercial and

co-operative banks) performing financial intermediation in a variety of ways, like accepting deposits,

making loans and advances, leasing, hire purchase, etc. They raise funds from the public, directly or

indirectly, and lend them to ultimate spenders. They advance loans to the various wholesale and retail

traders, small-scale industries and self-employed persons. Thus, they have broadened and diversified

the range of products and services offered by a financial sector. Gradually, they are being recognised as

complementary to the banking sector due to their customer-oriented services; simplified procedures;

attractive rates of return on deposits; flexibility and timeliness in meeting the credit needs of specified

sectors; etc.


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CHAPTER-2

LITERATURE REVIEW


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REVIEW OF LITERATURE

1. An evaluation of NBFCs, suresh vadde: - NBFC provide support to the capital market

through investment holding, share trading and merchant banking activities, to the credit market

through short and medium-term loans and also help in acquiring long-term assets through lease and

hire purchase activities. The article analyses the performance of non-government financial and

investment companies during the year 2008-09. It was observed from the consolidated results of the

select 1,211 non-Government financial and investment companies that growth in income,

decelerated during the year 2008-09. Growth in total expenditure also decelerated which was higher

than the income growth. The growth in expenditure was mainly driven by the growth in interest

payments. As a result, operating profits of the select companies declined. Business of select non-

banking financial and investment companies expanded at a slower pace during 2008-09. A

substantial portion of funds raised during the year was in the form of borrowings and raising fresh

capital from the capital market. Major portion of the funds raised during the year was deployed as

loans and advances in the credit market.

2. Financial performance of non banking financial institutions in India , Gursharan Singh

Kainth :-A robust banking and financial sector is critical for facilitating higher economic growth.

Financial intermediaries like Non-Banking Financial Companies (NBFCs) constitute a significant

element of the financial system and have penetrated into those areas where banks did not dare by

taking both the operational and regulatory risks. Boom-Mushroom-Doom-Zoom, four words in a

sequence tell the entire story of performance of NBFCs during the past one and a half decade. To

give industry the much needed boost, service tax should be done away with. Special cells within

the courts be set up to dispose cases because justice delayed is justice denied.

3. Financial performance of non banking finance companies in india ,amita s. Kantawala:-

The financial system comprises of financial institutions, financial instruments and financial markets that

provide an effective payment and credit system and there by facilitate channelizing of funds from savers

to the investors of the economy. They provide tailor made services to their clients. Comprehensive

regulation of the banking system and absence or relatively lower degree of regulation over NBFCs has

been some of the main reasons for the growth momentum of the latter. It has been revealed that economic

development and growth of NBFCs are positively related. In this regard the World Development Report

has observed that in the developing counties banks hold a major share of financial assets than they do inthe industrially developed countries. As the demand for financial services grow, countries need to


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encourage the development NBFCs in order to broaden the range of services and stimulate competition

and efficiency. The RBI came out with set of guidelines for NBFCs. According to Reserve Bank

(Amendment act, 1997) A Non Banking Finance Company (NBFC) means- i) a financial institution

which is a company; ii) a non banking institution which is a company and which has as its principal

business the receiving of deposits under any scheme or arrangement or in other manner a lending in any

manner; iii) such other non banking institution or class of such institutions as the bank may with the

previous approval of the central government specify.

4. Restructuring Rural Financial Institutions,Basu Shyamal (1999):- In his study identifies the

reason for need of restructuring the rural financial institutions(RFIs). The reasons are summed up in

the following thw points (1)the inefficiencies of multi-agency approach, (2) dependency of RFIs, (3)

autonomy of RFIs (in regard to reserve requirements, priority sector lending, loan appraisal,

monitoring and recovery, and interest rates), and (4) explicit and implicit viability of RFIs. These are

the basic problems faced by RFIs. But it has been suggested that neither the upward revision in

lending rates nor these restructuring proposals are required for improving viability of RFIs. An

alternative proposal of restructuring RFIs is suggested by BASU. This proposal discusses six

strategic organizational principles of developing RFIs. These are (1) encouraging multiple

institutions, (2) promoting appropriate forms of organization, (3) achieving vertically integrated

organizational structure, (4) developing suitable density of field-offices, (5) enlarging reach or

coverage of rural clients, and (6) accelerating diversified and multiple functions. The restructuring

proposal in this paper emphasizes the mission of decentralized institutional development of RFIs. Its

vision should be diversified, multiple and joint-products oriented rural banking which is autonomous

but accountable. And it has a potential to be a more viable and agricultural and rural growth-oriented.

5. Structural Features of Indias Financial System, Rastogi A B; Ghose Amitabha:-concluded in

his paper by giving the concise description of the Indian Financial System from macro-economic

perspective. Their study analyses the evolution and interrelations of the financial system using the

flow of funds framework and other tools of financial planning. The Financial intermediation by the

banking sector weaked a little as other private financial companies gained importance in the

economy. However, new assets, deposits and credits outstripped the growth rate of the economy.


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6. Management of Financial Institutions: An Inquiry into the Extent of Professionalism in IDBI,

IFCI and ICICI,Author I M Pandey :-did this study to assess the degree of professionalism in

three all-India level FIs -IDBI, IFCI and ICICI. He also conducted his study to derive implications

for developing policies and procedures for managing the financial institutions effectively. On the

basis of experiences of all-India FIs, the model that seems to facilitate professionalism is one in

which sophisticated policies, procedures and systems exist for identification, appraisal, approval,

disbursement and follow-up of projects, and in which financial and technical experts combine to

form teams for performing appraisal and follow-up of projects is the key to success for Indians

FIs.It is also indicated that projects should be meticulously examined with the active involvement

of the applicants. With the age and size of all-India FIs, their functions have led their staff to grow,

and they have created more specialized departmental structures. Thus, it may be concluded that

over years FIs structure should be more departmentalized. Training must be an integral part of the

development process. All-Indians FIs should have sophisticated systems for the training of their

staff. Also, need for finances from FIs increases substantially due to growing economy. This

necessitates development of skills to collect savings. All India FIs in this respect are quite behind.

They have not been so far able to establish an organic link to the sources of finances and they too

have to compete with their private counterparts.

7. Business & Economy Research Papers:- Non-Banking Financial Companies (NBFC) have

rapidly emerged as an important segment of the Indian financial system. Moreover, NBFCs assume

significance in the small business segment as they primarily cater to the credit requirements of the

un organized sector such as wholesale & retail traders, small-scale industries and small borrowers

at the local level. NBFC is a heterogeneous group of financial institutions, performing a wide range

of activities like hire-purchase finance, vehicle financing, equipment lease finance, personal loans,

working capital loans, consumer loans, housing loans, loans against shares and investment, etc.NBFCs are broadly divided into three categories namely (i) NBFCs accepting deposits from banks

(NBFC-D); (ii) NBFCs not accepting/holding public deposits (NBFC-ND); and (iii) core

investment companies.


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8. Financial sector reform: institutional and technological imperatives,Samir K. Barua Jayanth

R. Varma This paper takes the view that financial sector reform is not only a matter of removing

the old regulations nor even merely a matter of prudential regulation accompanying structural

deregulation; it is intimately bound up with institutional and technological issues. On the basis of a

detailed analysis of the banking system the paper demonstrates the need for major institutional and

technological changes in the Indian financial sector in order to face the challenges posed by

liberalization and rapid growth. Not only regulatory hindrances be removed, but there should be a

positive bias in favour of change. We do believe that changes would take place even without

regulatory support, but we also believe that regulatory intervention could hasten the process and

make it less painful.

9. NBFCSformation regulation and remedies,Raghvendra Singh Raghuvanshi according to

this article endeavor to address the intricacies involved in the business of Non-Banking Financial

Companies (hereinafter to be referred as NBFC). Starting from the basic introduction about

NBFC and the laws governing the NBFCs, with detailed provisions of law and directions issued by

different regulators, right from its formation and functions to the regulation of its operation in the

market. It shall also deal in detail with the actions available against the NBFCs in noncompliance

with the norms prescribed by different regulators and includes judicial approach towards NBFCs

along with their functions and compares between NBFCs and Foreign Institutional Investor.

10.Performance Review of NBFCs The current performance of NBFCs is especially commendable

considering the turmoil of the 1990s, when the regulatory authority tightened its jaws around the

sector and many companies had to shut shop. In fact, top NBFCs like HDFC, LIC Housing

Finance, REC, PFC and Shriram Transport Finance have forged brands for themselves, which has

helped them raise finance at low rates from the bond market. NBFCs have become wiser than

before. For instance, many preferred to deliberately put a hold on disbursements in December

2008, waiting for the financial environment to cool down. As the economy begins to look up,

NBFCs are ideally placed to take advantage of the opportunities it presents.

11.RBI permission must for NBFCs to open subsidiaries abroad With an aim to regulate the credit

system to the advantage of the country, the Reserve Bank today said NBFCs cannot open

subsidiaries or enter into joint ventures abroad without its permission. No NBFC shall open
http://economictimes.indiatimes.com/lic-housing-finance-ltd/stocks/companyid-10823.cmshttp://economictimes.indiatimes.com/lic-housing-finance-ltd/stocks/companyid-10823.cmshttp://taxguru.in/rbi/rbi-permission-nbfcs-open-subsidiaries.htmlhttp://taxguru.in/rbi/rbi-permission-nbfcs-open-subsidiaries.htmlhttp://economictimes.indiatimes.com/lic-housing-finance-ltd/stocks/companyid-10823.cmshttp://economictimes.indiatimes.com/lic-housing-finance-ltd/stocks/companyid-10823.cms


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subsidiaries/joint ventures/ representative office abroad or shall make investment in any foreign

entities without obtaining prior approval in writing from the Reserve Bank of India, the central

bank said in a notification. It said investments will be permitted only in those entities having their

core activity regulated by a financial sector regulator in the host jurisdiction or country. Besides,

the aggregate overseas investment by non-banking financial companies (NBFCs) should not exceed

100% of their Net Owned Fund (NOF). The overseas investment in a single entity, including its

step down subsidiaries, by way of equity or fund based commitment shall not be more than 15% of

the NBFCs owned funds, RBI said.The central bank said the directions, which have come into

effect from today, to NBFCs is necessary for the purpose of enabling it to regulate the credit system

to the advantage of the country.

12.NBFCs cant be partners in partnership firms- RBI The Reserve Bank on Wednesday

prohibited Non-Banking Finance Companies (NBFCs) from contributing to the capital of a

partnership firm or become a partner of such entities. The central bank also asked NBFCs, which

have already contributed capital or are partner in such firms, to exit from such arrangements at the

earliest.In view of the risks involved in NBFCs associating themselves with partnership firms, it

has been decided to prohibit NBFCs from contributing capital to any partnership firm or to be

partners in partnership firms, RBI said.In cases of existing partnerships, NBFCs may seek early

retirement from such arrangements, it added. There are about 300 NBFCs registered with RBI and

some of them have large investments in, and have contributed capital to, partnership firms.

13.RBI circular on All Deposit Taking NBFCs CRAR Fifteen percent w.e.f March 31, 2012 The

Reserve Bank of India (RBI) said on Thursday that all deposit taking non-banking financial

companies (NBFCs) should maintain a minimum capital ratio consisting of Tier-I and Tier-II

capital of 15% from March 31, 2012. Earlier such NBFCs had to maintain a minimum capital ratioof 12% of the aggregate risk weighted assets on the balance sheet and of risk adjusted value off-

balance sheet items. Non Banking Financial (Deposit Accepting or Holding) Companies Prudential

Norms (Reserve Bank) Directions, 2007, every deposit taking NBFC shall maintain a minimum

capital ratio consisting of Tier I and Tier II capital, which shall not be less than 12% of its

aggregate risk weighted assets on balance sheet and of risk adjusted value of off-balance sheet

items. However, in terms of paragraph 16 of Non Banking Financial (Non-Deposit Accepting or

Holding) Companies Prudential Norms every systemically important non-deposit taking NBFC

(NBFC-ND-SI) has to maintain a minimum capital ratio consisting of Tier I and Tier II capital,
http://taxguru.in/partnership-act/nbfcs-partners-partnership-firms-rbi.htmlhttp://taxguru.in/rbi/rbi-circular-on-all-deposit-taking-nbfcs-crar-fifteen-percent-w-e-f-march-31-2012.htmlhttp://taxguru.in/partnership-act/nbfcs-partners-partnership-firms-rbi.htmlhttp://taxguru.in/rbi/rbi-circular-on-all-deposit-taking-nbfcs-crar-fifteen-percent-w-e-f-march-31-2012.html


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which shall not be less than 15% of its aggregate risk weighted assets on balance sheet and of risk

adjusted value of off-balance sheet items by March 31, 2011. It has been decided to align the

minimum capital ratio of all deposit taking as well as systemically important non-deposit taking

NBFCs to 15%. Accordingly, all deposit taking NBFCs shall maintain a minimum capital ratio

consisting of Tier I and Tier II capital, which shall not be less than 15% of its aggregate risk

weighted assets on balance sheet and risk adjusted value of off-balance sheet items w.e.f. March

31, 2012.

14.


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CHAPTER 3

BASIC INFORMATION OF

NBFCS


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NBFCs

Non-bank financial companies (NBFCs) are financial institutions that provide banking services

without meeting the legal definition of a bank, i.e. one that does not hold a banking license. These

institutions are not allowed to take deposits from the public. Nonetheless, all operations of these

institutions are still exercised under bank regulation.

Services provided

NBFCs offer all sorts of banking services, such as loans and credit facilities, private education funding,

retirement planning, trading in money markets, underwriting stocks and shares, TFCs and other

obligations. These institutions also provide wealth management such as managing portfolios of stocks

and shares, discounting services e.g. discounting of instruments and advice on merger and acquisition

activities. However they are typically not allowed to take deposits from the general public and have to

find other means of funding their operations such as issuing debt instruments.

Working and operations

The working and operations of NBFCs are regulated by the Reserve Bank of India (RBI)within the

framework of the Reserve Bank of India Act, 1934 (Chapter III B) and the directions issued by it under

the Act. As per the RBI Act, a 'non-banking financial company' is defined as:- (i) a financial institution

which is a company; (ii) a non banking institution which is a company and which has as its principal

business the receiving of deposits, under any scheme or arrangement or in any other manner, or lending

in any manner; (iii) such other non-banking institution or class of such institutions, as the bank may,

with the previous approval of the Central Government and by notification in the Official Gazette,

specify. Under the Act, it is mandatory for a NBFC to get itself registered with the RBI as a deposit

taking company. This registration authorises it to conduct its business as an NBFC. For the registration

with the RBI, a company incorporated under the Companies Act, 1956 and desirous of commencing

business of non-banking financial institution, should have a minimum net owned fund (NOF) of Rs 25
http://www.rbi.org.in/home.aspxhttp://business.gov.in/outerwin.php?id=http://indiacode.nic.in/rspaging.asp?tfnm=193402http://business.gov.in/outerwin.php?id=http://rbidocs.rbi.org.in/rdocs/notification/PDFs/71239.pdfhttp://business.gov.in/outerwin.php?id=http://indiacode.nic.in/rspaging.asp?tfnm=195601http://www.rbi.org.in/home.aspxhttp://business.gov.in/outerwin.php?id=http://indiacode.nic.in/rspaging.asp?tfnm=193402http://business.gov.in/outerwin.php?id=http://rbidocs.rbi.org.in/rdocs/notification/PDFs/71239.pdfhttp://business.gov.in/outerwin.php?id=http://indiacode.nic.in/rspaging.asp?tfnm=195601


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lakh. The term 'NOF' means, owned funds less, (i) investments in shares of subsidiaries/companies in

the same group/ all other NBFCs; and (ii) the book value of debentures/bonds/ outstanding loans and

advances, including hire-purchase and lease finance made to, and deposits with, subsidiaries/

companies in the same group, in excess of 10% of the owned funds.

Registration

The registration process involves submission of an application by the company in the prescribed format

along with the necessary documents for RBI's consideration. If the bank is satisfied that the conditions

enumerated in the RBI Act, 1934 are fulfilled, it issues a 'Certificate of Registration' to the company.

Only those NBFCs holding a valid Certificate of Registration can accept/hold public deposits. The

NBFCs accepting public deposits should comply with the Non-Banking Financial Companies

Acceptance of Public Deposits ( Reserve Bank) Directions, 1998, as issued by the bank.

Some of the important regulations relating to acceptance of deposits by the NBFCs

They are allowed to accept/renew public deposits for a minimum period of 12 months and

maximum period of 60 months.

They cannot accept deposits repayable on demand.

They cannot offer interest rates higher than the ceiling rate prescribed by RBI from time to time.

They cannot offer gifts/incentives or any other additional benefit to the depositors.

They should have minimum investment grade credit rating.

Their deposits are not insured

The repayment of deposits by NBFCs is not guaranteed by RBI.

Classification: - Depending upon their nature of activities, non- banking finance companies can be

classified into the following categories:

Development finance

institutions

Leasing companies

Investment companies
http://business.gov.in/outerwin.php?id=http://rbidocs.rbi.org.in/rdocs/notification/PDFs/71239.pdfhttp://business.gov.in/outerwin.php?id=http://rbidocs.rbi.org.in/rdocs/notification/PDFs/71239.pdfhttp://business.gov.in/outerwin.php?id=http://rbidocs.rbi.org.in/rdocs/notification/PDFs/71239.pdfhttp://business.gov.in/outerwin.php?id=http://rbidocs.rbi.org.in/rdocs/notification/PDFs/71239.pdf


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House finance companies

Venture capital companies

Discount & guarantee

houses

Corporate development

companies


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The functions of NBFCS

They are just like banks; there are few differences between both the institutions.

(i) NBFC cannot accept demand deposits

(ii) NBFC is not part of the payment and settlement system as well as it cannot issue

cheques drawn on itself

(iii) Deposit insurance facility of Deposit Insurance & Credit Guarantee Corporation is

not available for NBFC depositors unlike in the case of banks.

Industry structure:-


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T ypes of NBFCs registered with the RBI

Equipment leasing company:- is any financial institution whose principal business is that of

leasing equipments or financing of such an activity.

Hire-purchase company:- is any financial intermediary whose principal business relates to

hire purchase transactions or financing of such transactions.

Loan company:- means any financial institution whose principal business is that of providing

finance, whether by making loans or advances or otherwise for any activity other than its own

(excluding any equipment leasing or hire-purchase finance activity). Investment company:- is any financial intermediary whose principal business is that of

buying and selling of securities.


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CHAPTER-4

NEED AND SCOPE OF

STUDY


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NEED OF THE STUDY

According to the present crises facing by the banking industry there is a need to study whether

The Non-Banking financial companies (NBFC) can serve the purpose for the banks. Non-

Banking Financial Companies (NBFC) have rapidly emerged as an important segment of the

Indian financial system. Moreover, NBFCs assume significance in the small business segment as

they primarily cater to the credit requirements of the unorganized sector such as wholesale &

retail traders, small-scale industries and small borrowers at the local level.

SCOPE OF THE STUDY

To analyze the growth of NBFC in Indian economy and their role in the Indian market.

To study for need of financial inclusions by mergers of NBFCs with banks.

Highly skewed private financial sector of India.

SAMPLING DESIGN:

Targeted banks:, HDFC

DATA SOURCES:

Secondary Data:

Internet, journals, books, magazines, etc.


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CHAPTER-5

RESEARCH

METHODOLOGY


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RESEARCH OBJECTIVES:

To evaluate growth and performance of NBFCs

To analyze the market for NBFCs

RESEARCH DESIGN:

Our research is Descriptive in nature as the NBFCS industry is well-developed in India and

lot of research has already been done in this area. The study is going to be on the secondary

data collected from various issues of Reserve Bank of India Bulletin and Report on Trend

and Progress of Banks in India. Average, standard deviations and coefficient of variations

will be computed. To examine the financial performance of NBFCs, ratio analyses will be

carried out. Various ratios will be computed : gross income to total assets, fee income to

total asset , operating expenditure to total assets, net profit to total assets, Profit After Tax

(PAT) to net worth, dividend to paid up capital, dividend to net worth, tax provision to

Profit Before Tax (PBT), dividend to PBT/PAT and profit retained to PAT.

RESEARCH METHODOLOGY:

1) AREA OF SURVEY: The survey will be done for four banks. The study environment will

be the banking industry.

2) PLAN OF ANALYSIS: We will use financial statements of the bank in order to calculate

different ratios required for ratio analysis and comaparative analysis considered to be the

best available methods.

3) SAMPLING TECHNIQUE: Convenience sampling will be done for the selection of the

NBFCS.

RESEARCH TOOL:

Ratio Analysis

Comparative study.


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TENTATIVE CHAPTERIZATION

CHAPTER-1 INTRODUCTION

CHAPTER 2 BASIC INFORMATION OF NBFCS

CHAPTER INDIAN NON BANKING FINANCIAL COMPANIES

CHAPTER 3 NBFSC PROFILE

CHAPTER 4 LITERATURE REVIEW

CHAPTER 5 NEED AND SCOPE OF STUDY

CHAPTER 6 RESEARCH METHODOLOGY

CHAPTER 7 DATA ANALYSIS & INTERPRETATION

CHAPTER 8 FINDINGS AND RECOMMENDATIONS

CHAPTER 9 CONCLUSION

CHAPTER 10 BIBLIOGRAPHY


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CHAPTER-6

BIBLIOGRAPHY


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REFERENCES

JOURNAL REFERENCES

1. Rastogi A.B. :Ghose Amitabh Structural Features of Indias Financial System

2. Pandey I.M. Management of Financial Institutions: An Inquiry into the Extent of

Professionalism in IDBI, IFCI and ICICI

3. Vadde Suresh(2009) Performance of non bankng financial companies in india-an

evaluation

4. Gursharan Singh Kainth Financial performance of non banking financial institutions in

india

5. Basu shyamal (1999) Restructuring Rural Financial Institutions

6. Raghvendra Singh Raghuvanshi NBFCsFormation regulation and remedies

7. Reserve bank of india bulletin, august 2009

8. Seema saggar, financial performance of leasing companies,1990

9. Harihar T.S. Non Banking Finance companies, The Imminent squeeze, February

1999

10. Bhole L.M. Financial Institutions and markets, TATA MC Graw Hill Publishing

CO.Ltd. 1992

11. http://taxguru.in/rbi/rbi-permission-nbfcs-open-subsidiaries.html

12.http://taxguru.in/partnership-act/nbfcs-partners-partnership-firms-rbi.html

13.http://taxguru.in/rbi/rbi-circular-on-all-deposit-taking-nbfcs-crar-fifteen-percent-w-e-f-

march-31-2012.html

OTHERS LINKS
http://taxguru.in/partnership-act/nbfcs-partners-partnership-firms-rbi.htmlhttp://taxguru.in/rbi/rbi-circular-on-all-deposit-taking-nbfcs-crar-fifteen-percent-w-e-f-march-31-2012.htmlhttp://taxguru.in/rbi/rbi-circular-on-all-deposit-taking-nbfcs-crar-fifteen-percent-w-e-f-march-31-2012.htmlhttp://taxguru.in/partnership-act/nbfcs-partners-partnership-firms-rbi.htmlhttp://taxguru.in/rbi/rbi-circular-on-all-deposit-taking-nbfcs-crar-fifteen-percent-w-e-f-march-31-2012.htmlhttp://taxguru.in/rbi/rbi-circular-on-all-deposit-taking-nbfcs-crar-fifteen-percent-w-e-f-march-31-2012.html


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http://business.gov.in/business_financing/non_banking.php

BOOKS REFERRED

1. Kothari, C.R., (2010), Research Methodology: Methods and Techniques, Wishawa

Publication, Delhi.

2. Gupta, K. Shashi, Sharma, R.K., Gupta Neeti., (2010), Financial Management, Kalyani

Publication.

Financial management.
http://business.gov.in/business_financing/non_banking.phphttp://business.gov.in/business_financing/non_banking.php

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