Post on 06-Apr-2018
transcript
8/2/2019 Research Prop SANDY
1/26
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
8/2/2019 Research Prop SANDY
2/26
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
8/2/2019 Research Prop SANDY
3/26
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.
8/2/2019 Research Prop SANDY
4/26
CHAPTER-1
INTRODUCTION
8/2/2019 Research Prop SANDY
5/26
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.
8/2/2019 Research Prop SANDY
6/26
CHAPTER-2
LITERATURE REVIEW
8/2/2019 Research Prop SANDY
7/26
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
8/2/2019 Research Prop SANDY
8/26
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.
8/2/2019 Research Prop SANDY
9/26
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.
8/2/2019 Research Prop SANDY
10/26
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.cms8/2/2019 Research Prop SANDY
11/26
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.html8/2/2019 Research Prop SANDY
12/26
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.
8/2/2019 Research Prop SANDY
13/26
CHAPTER 3
BASIC INFORMATION OF
NBFCS
8/2/2019 Research Prop SANDY
14/26
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=1956018/2/2019 Research Prop SANDY
15/26
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.pdf8/2/2019 Research Prop SANDY
16/26
House finance companies
Venture capital companies
Discount & guarantee
houses
Corporate development
companies
8/2/2019 Research Prop SANDY
17/26
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:-
8/2/2019 Research Prop SANDY
18/26
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.
8/2/2019 Research Prop SANDY
19/26
CHAPTER-4
NEED AND SCOPE OF
STUDY
8/2/2019 Research Prop SANDY
20/26
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.
8/2/2019 Research Prop SANDY
21/26
CHAPTER-5
RESEARCH
METHODOLOGY
8/2/2019 Research Prop SANDY
22/26
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.
8/2/2019 Research Prop SANDY
23/26
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
8/2/2019 Research Prop SANDY
24/26
CHAPTER-6
BIBLIOGRAPHY
8/2/2019 Research Prop SANDY
25/26
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.html8/2/2019 Research Prop SANDY
26/26
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