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NBFCS Nbfcs NBFC is the abbreviation of Non-Banking Financial Company,[1] a company registered under the Companies Act, 1956

of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, debentures and securities issued by government or local authority, or other securities of a marketable nature, leasing, hire-purchase, insurance business, or chit business: but does not include any institution whose principal business is that includes agriculture or industrial activity; or the sale, purchase or construction of immovable property.[2] Difference between NBFCs & Banks NBFCs perform functions similar to that of banks; however there are a few differences in that an NBFC cannot accept demand deposits; an NBFC is not a part of the payment and settlement system and as such, an NBFC cannot issue cheques drawn on itself; and deposit insurance facility of the Deposit Insurance and Credit Guarantee Corporation is not available for NBFC depositors, unlike banks. |NBFC Registration in India | |The reserve bank of India regulates the working and operations of NBFC within the framework of the Reserve Bank of India Act, 1934 and | |the directions issued by it under the act. According to RBI act, NBFC is Nonbanking financial company, which is registered under the | |Companies Act, 1956 of India and is engaged in the business of loans and advances, acquisition of shares/ debentures | |/stock/bonds/securities issued by government or local authority. | | | |Under the Act, it is compulsory for a NBFC to get itself registered with the RBI as a deposit taking company. This NBFC registration | |authorizes it to conduct...

This is the html version of the file http://unpan1.un.org/intradoc/groups/public/documents/apcity/unpan019759.p df. Google automatically generates html versions of documents as we crawl the web. Page 1 FINANCIAL PERFORMANCE OF NON BANKING FINANCE COMPANIES IN INDIA Amita S. Kantawala (Reader in Management Studies, M.S. Patel Institute of Management Studies, M.S. University of Baroda, Baroda) Introduction The financial system comprises of financial institutions, financial instruments and financial markets that provide an effective payment and credit system and thereby facilitate channelising of funds from savers to the investors of the economy. In India considerable growth has taken place in the Non-banking financial sector in last two decades. Over a period of time they are successful in rendering a wide range of services. Initially intended to cater to the needs of savers and investors, NBFCs later on developed into institutions that can provide services similar to banks. In India several factors have

contributed to the growth of NBFCs. They provide tailor made services to their clients. Comprehensive regulation of the banking system and absence or relatively lower degree of regulation over NBFCs have been some of the main reasons for the growth momentum of the latter. It has been revealed by some research studies 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 in the industrially developed countries1. As the demand for financial services grow, countries need to encourage the development NBFCs and securities market in order to broaden the range of services and stimulate competition and efficiency. In India the last decade has witnessed a phenomenal increase in the number of NBFCs. The number of such companies stood at 7063 in 1981, at 15358 in 1985 and it increased to 24009 by 1990 and to 55995 in 1995.2 The main reason for deposits with NBFCs are greater customer orientation and higher rate of interest offered by them as compared to

banks. With such a dramatic growth in the numbers of NBFCs it was thought necessary to have a regulatory framework for NBFCs. Slowly the RBI came out with set of guidelines for NBFCs. In one of such step RBI gave definition of 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. The definition excludes financial institutions which carry on agricultural operations as their principle business. NBFCs consists mainly of finance companies which carry on functions like hire purchase finance, housing finance, investment, loan, equipment leasing or mutual benefit financial operations, but do not include insurance companies or stock exchange or stock broking companies.3 To encourage the NBFCs that are run on sound business principles, on July 24, 1996 NBFCs were divided into two classes: i) equipment leasing and hire purchase companies

(finance companies) and ii) loan and investment companies. However, the NBFCs segment of finance was less regulated over a period of time. On account of the CRB scam and the inability of some of the NBFCs to meet with the investors demand for return of the deposits the need was felt by the Reserve Bank of India to increase the regulations for the NBFCs. In the light of this background Reserve Bank of India came out with the guidelines on January 2, 1998. The salient features of this guideline are given below.4 1) Page 2 Volume 49, No.1 87 The acceptance of deposits has been prohibited for the NBFCs having net owned funds less than Rs.25 lakhs. 2) The extent of public deposit raising is linked to credit rating and for equipment leasing and hire purchase companies it can be raised to a higher tune. 3) Interest rate and rate of brokerage is also defined under the new system. 4) Income recognition norms for equipment leasing and Hire purchase finance companies were

liberalized for NPA from overdue for six months to twelve months. 5) Capital adequacy raised 10% by 31/3/98 and 12% by 31/3/99. 6) Grant of loan by NBFCs against the security of its own shares is prohibited. 7) The liquid assets are required to be maintained @ 12.5% and 15% of public deposits from 1/4/98 and 1/4/99 respectively. Modifications also came to these norms over a period of time. The provisioning norms for hire purchase and lease companies were changed. Accordingly, credit was to be given to the underlying assets provided as security. The risk weight for investment in bonds of all PSBs and FD/CD/ bonds of PFI is reduced to 20%5 By monetary and credit policy for 19992000 the RBI has raised the minimum net owned funds limit for new NBFCs to Rs. 2 crores which are incorporated on or after 20/4/99. According to the guideline issued on 8/4/99 the company is to be classified as NBFCs if its financial assets account for more than 50% of its total assets i.e. net of intangible assets and the income from financial assets should be more than 50% of the total income.6 By June 1999 RBI had removed the ceiling on bank

credit to all registered NBFCs which are engaged in the principle business of equipment leasing, hire purchase, loan and investment activities.7 From above brief summary regarding steps taken by RBI for managing NBFC it is apparent that RBI assigns the priority for proper management of NBFCs keeping in view the investors protection. In the light of the above regulatory frame work one should like to examine various parameters of different groups of NBFCs. Objectives of the Study The classification of NBFCs have been changed over a period of time. The functioning of different categories of NBFCs are not governed by the homogeneous factors. Therefore financial implication can differ for different group of companies. The financial performance of 10 leasing companies has been examined by Seem Saggar8 at disaggragate level and compared with other groups of NBFCs for a period of 198590. Moreover, a study by T.S. Harihar9 throws light on the performance of all NBFCs taken together in terms of cost of debt, operating margin, net profit margin, return on net worth, asset turn over ratio etc. The study by Seema Saggar does not reflect the overall

performance of NBFCs as it is based on selected 10 companies. The study by Harihar reveals the aggregate performance of NBFCs which does not throw light on the financial performance of different groups of NBFCs. In the light of these limitations, the present study attempts to examine the financial performance of different groups of NBFCs separaterly. The present study attempts to examine the relative financial performance of different groups of NBFCs for the period 1985-86 to 1994-95 in terms of profitability, leverage and liquidity. The reasons of selecting this period for the purpose of study are: a) During this period the number of NBFCs have flourished by leaps and bounds. b) The absolute amount of deposits with NBFCs have gone up from 4956.6 crores to Rs. 85495.1 crores (increase is almost 17 times). c) The share of deposits with reporting NBFCs have gone up over a period of time from 4.78% to 16.49% (The share is as a percentage of total deposits of Reporting NBFCs Non financial companies and scheduled commercial banks).10 It also attempts to find out the groups for which majority of the ratios are same.

Page 3 THE INDIAN ECONOMIC JOURNAL 88 Table 1. Average Ratios of Various Categories of NBFCS Sr. No. Ratios TS+IH HP LF L 1 Total Income/Total Assets 0.1512 0.1712 0.1107 0.2180 2 GP+D/TI 0.3321 0.3388 0.2366

0.5191 3 GP/TI 0.3105 0.1993 0.2080 0.2267 4 PBT/TI 0.5927 0.1919 0.3031 0.2366 5 PAT/NW 0.1301 0.2137 0.0635 0.1812 6 PAT/TA 0.0701

0.0250 0.0208 0.0457 7 DIV/PAT 0.3009 0.3470 0.7307 0.4120 8 TAX/PBT 0.2358 0.1619 0.4426 0.1117 9 RE/PAT 0.6992 0.6528 0.2681 0.5879 10

Interest Coverage 0.3657 0.7248 0.5889 0.5803 11 BORR/TA 0.3736 0.6157 0.4393 0.5659 12 Bank BORR/TA 0.0763 0.1501 0.1138 0.1608 13 Net Worth/TA 0.5366 0.1283 0.4202

0.2476 14 Bank BORR/Borrowings 0.2039 0.2436 0.2305 0.2887 15 Debt/Total Assets 0.2974 0.4656 0.3254 0.4053 16 Debt/Net Worth 0.5607 4.0566 0.9880 1.7524 17 Debt Equity 1.5064

10.9056 2.3258 4.6714 18 Loan to Current Asset 0.1409 0.8197 0.5984 0.6716 19 CA/CL 14.6767 3.6070 8.6327 3.8816 Data and Methodology For the present study data are collected from various issues of RBI Bulletin11 regarding Financial and Investment companies. As mentioned above, the period covered in the study is ten year from 1985-86 to 1994-95. The categories of NBFCs as per published data are: a) Trading in shares and investment holdings (TS+IH), b) Hire purchase finance (HP), c) loan finance (LF) and d) leasing (L). For the purpose of

analysis, for various ratios mentioned below, average of ten years ratio i.e. 198586 to 1994-95 is found for each group separately. To examine whether these ratios differ significantly between different categories of NBFCs, One way Analysis of Variance (ANOVA) is applied. (A detailed justification for use of ANOVA for comparing the industry average is available in Reserve Bank of India Occasional Papers, Volume 16, No. 3, September 95, pp. 223-236) In addition of this Krushkal Wallies test is also applied in order to overcome the precondition of normal distribution in case of ANOVA. The selected ratios are divided in to three broad group: viz. profitability ratios, leverage ratios and liquidity ratios. The ratios under study are: Profitability ratios: i) Total income/Total assets; ii) GP+Dep/Total income; iii) GP/Total income; iv) PBT/Total income; v) PAT/Net worth; vi) PAT/Total Assets; vii) Divided/PAT; viii) Tax/PBT; ix) Retained Profit/PAT; x) Interest coverage Leverage Ratio: xi) Borrowing/Total assets; xii) Bank Borrowing/Total assets; xiii) Net worth/Total assets; xiv) Bank borrowing/borrowings; xv) Debt/Total assets; xvi) Debt/Net worth; xvi) Debt equity; xvii) Loan to current assets Liquidity Ratios: xviii) Current ratio

Over and above the study of the ratios for all categories of NBFCs one category is also compared against the other one by one. For this purpose also ANOVA is applied. One of the limitations of the study is that the data are taken from the various issues of the RBI Bulletin. The number of the companies falling in each category are different. Moreover the total number of companies

taken in the sample also differ from one issue to another. In addition to this even though the number of companies falling in each category may be same but the companies selected in the sample may differ. With this constraints and limitations above stated analysis is carried out. Page 4 Volume 49, No.1 89 Findings i) The average ratios of various categories of NBFCS are presented in Table 1. From the comparative analysis it follows that GP/TI, PBT/TI, PAT/TA and RE/PAT are highest for the Trading in to shares and investment holding companies. Dividend / PAT and Tax/PAT ratios are highest for Loan finance companies indicating lowest Retained profit to PBT ratio for this group of companies. Interest coverage ratio and PAT/net worth are found to be highest for Hire purchase companies. TI/TA and GP+D/TI is found to be highest for leasing companies. Amongst the leverage ratios Borrowings/Total assets,

Debt/Total assets, debt/Net worth, Debt/Equity and Loan to Current Asset are highest for Hire Purchase companies followed by leasing companies on account of higher level of permissible deposit acceptance. Bank borrowing to Total assets and Bank Borrowing to Total borrowing are found highest for leasing companies whereas net worth/total assets is found to be highest for trading in the shares and Investment holding Companies. ii) Table II throws light on whether there is a significant difference in the ratios between various groups of NBFCs or not. The finding based on ANOVA are presented in Table II. Table II One Way Analysis of Variance Between All Categories of NBFCS Sr. No. Ratios Sum of Square D.O.F Mean Square F-Ratio 1

TI/TA i) Between groups 0.05926 3 0.01975 39.6853 ii) within groups 0.01792 36 0.0005 2 GP+D/TI i) Between groups 0.33796 3 0.11265 12.6749 ii) within groups 0.31996 36 0.00888 3

GP/TI i) Between groups 0.09388 3 0.031292 3.8962 ii) within groups 0.28913 36 0.008031 4 PBT/TI i) Between groups 0.97529 3 0.3251 55.95185 ii) within groups 0.20917 36 0.00581 5

PAT/NW i) Between groups 0.1192 3 0.03973 17.97527 ii) within groups 0.07958 36 0.00221 6 PAT/TA i) Between groups 0.01462 3 0.00487 21.93788 ii) within groups 0.00799 36 0.00022 7

DIV/PAT i) Between groups 1.1307 3 0.3769 1.8249* ii) within groups 7.4352 36 0.2065 8 TAX/PBT i) Between groups 0.63609 3 0.1203 16.3617 ii) within groups 0.46652 36 0.01296 9

RE/PAT i) Between groups 0.10578 3 0.03526 0.43333* ii) within groups 2.92937 36 0.81371 10 INTEREST COVERAGE i) Between groups 0.8956 3 0.2985 35.9109 ii) within groups 0.2993 36 0.0084 11

BORR/TA i) Between groups 0.37888 3 0.12465 13.27491 ii) within groups 0.33797 36 0.00939 12 BANK BORR/TA i) Between groups 0.04414 3 0.01471 4.82775 ii) within groups 0.10971 36 0.00305 13

NET WORTH/TA i) Between groups 0.98784 3 0.32928 27.63877 ii) within groups 0.42889 36 0.01191 Page 5 THE INDIAN ECONOMIC JOURNAL 90 Table III. Krushkal Wallies Test Sl. No. Ratios Compute d Value of ChiSquare 1

Total Income/Total Assets 30.46395 2 G.P.+DEP/Total Assets 23.00497 3 G.P./Total Income 9.7114* 4 PBT/Total Income 27.09958 5 PAT/Net Worth 25.7795 6 PAT/Total Assets 28.06244 7 Dividend/PAT 12.7406*

8 Tax/PBT 23.6810 9 Retained Profit/PAT 9.2284* 10 Interest Coverage 28.499 11 Borrowings/Total Assets 17.9254 12 Bank Borrowings/Total Assets 19.3039 13 Net Worth/Total Assets 26.7453 14 Bank Borrowings/Borrowings

14.7894 15 DEBT/Total Assets 19.9888 16 DEBT/Net Worth 28.3551 17 DEBT/Equity 28.475 18 Loan to Current Assets 33.701 19 Current Ratio 27.8926 * indicates that null hypothesis is accepted. Table II One Way Analysis of Variance Between All Categories of NBFCS (Continued) Sr. No. Ratios

Sum of Square D.O.F Mean Square F-Ratio 14 BANK BORROW/BORRWINGS i) Between groups 0.037866 3 0.012562 2.26115* ii) within groups 0.200001 36 0.005556 15 DEBT/TOTAL ASSETS i) Between groups 0.17547 3

0.05849 12.07585 ii) within groups 0.17437 36 0.004844 16 DEBT/NET WORTH i) Between groups 57.04107 3 19.01369 43.61953 ii) within groups 15.69235 36 0.43589 17 DEBT/EQUITY i) Between groups 542.5387 3

180.8462 68.1848 ii) within groups 95.4826 36 2.6523 18 LOAN TO CURRENT ASSETS i) Between groups 2.5699 3 0.8566 216.6275 ii) within groups 0.1424 36 0.0040 19 CA/CL i) Between groups 808.7658 3

269.5886 46.4440 ii) within groups 208.9653 36 5.8046 * indicates that null hypothesis is accepted. From the table it follows that only for three ratios out of nineteen ratios calculated value of F is less than the table value of F at 5% level of significance. This implies that for these three ratios there is no significant difference in ratios between groups. These three ratios are: a) Dividend/PAT, b) Retained Profit/PAT, c) Ban borrowings/borrowings. For all other ratios it is found that the computed value of F is higher than the table value of F. Hence null hypothesis is rejected. This indicates that the majority of the selected ratios for this study differ significantly between various categories of NBFCs. To overcome the assumption of normal distribution in case of ANOVA, Krushkal Wallies test is also applied. The computed value of Chi Square test is presented in Table III. It is

interesting to note that by applying both the techniques only in three ratios out of nineteen ratios null hypothesis is accepted and of these three ratios, two ratios are common in the results of both the techniques. From the above discussion it follows that for different categories of NBFCs there exists significant difference in various profitability ratios, leverage ratios and liquidity ratios. iii) The study is further carried out at the disaggregate level. It tries to find out whether for two different groups the majority of ratios differ significantly or not. This will indicate the relative performance of one group of NBFCs compared to another group of NBFC. Here TS and IH companies are first compared against HP, LF and leasing one by one. Then HP companies are compared against LF and leasing companies and the LF against Leasing companies. The results of ANOVA are presented in TABLE IV. Page 6 Volume 49, No.1

91 Table IV. ANOVA Between two Categories of NBFCs at a Time Sl. No. Ratios TS+IH v/s HP TS+IH v/s LF TS+IH v/s LEASE HP v/s LF HP v/s LEASE LF v/s LEASE 1 TI/TA 3.4380* 13.2570 36.9250 42.2817

32.9715 99.9689 2 GP+D/TI 0.0079* 0.8938* 23.7879 1.2555* 152.9550 26.8212 3 GP/TI 11.5845 3.6047* 4.3430* 0.4618* 7.1022 0.1986* 4 PBT/TI 301.1099 40.1720

192.2260 7.4292 8.4615 2.4690* 5 PAT/NW 34.2829 11.1146 7.5835 79.4161 0.4909* 14.7981 6 PAT/TA 34.6508 31.1358 9.4993 1.5863* 25.1952 17.2020 7 DIV/PAT

2.1763* 2.2559 9.3461 1.8112* 5.9342 1.2442* 8 TAX/PBT 4.9563 10.4775 18.7060 18.0670 2.2929* 26.8250 9 RE/PAT 2.1894* 0.0173* 9.3494 0.1559* 5.8880 0.5749*

10 INTERESTCOV 315.6832 27.7842 83.3465 7.1819 38.2861 0.02636* 11 B/TA 223.6647 1.5431* 34.6453 11.6637 2.5526* 4.6582 12 BB/TA 85.8974 1.2588* 95.1758 1.1532*

1.1516* 1.9109* 13 NW/TA 958.6240 3.8445* 62.8686 25.2377 12.0067 6.5743 14 BB/B 8.9628 0.3743* 21.8771 0.0907* 6.0043 1.6543* 15 DEBT/TA 146.5123 0.7471*

12.6550 19.8551 4.2557* 3.7163* 16 DEBT/NW 429.8119 3.5540* 18.2270 100.4637 37.4496 4.6016 17 DEBT/EQUITY 388.7021 1.5348* 23.5528 115.8178 62.3436 6.5998 18 LOAN/CA

3286.63 249.444 366.3793 60.2603 29.5122 3.7243* 19 C.R 90.8053 16.7484 86.7435 25.8149 0.5360* 23.2137 * indicates that null hypothesis is accepted. 1. TS+IH v/s HP: While examining the ratios for these two categories it is found that for four ratios out of nineteen, null hypothesis is accepted and for remaining ratios null hypothesis is rejected. The four ratios where no significant difference is found are: TI/TA, GP+D/TI, DIV/PAT and RETAINED EARNINGS/PAT. This implies that the majority of

ratios differ between two groups. This is attributable mainly to their different nature of work. Out of these four ratios two ratios are same where null hypothesis is accepted in the overall analysis. 2. TS+IH v/s LF: On examining the ratios between these two groups for ten out of nineteen null hypothesis is accepted. These are marked with an * in the Table. It is worth nothing that for all the ratios falling in the category of leverage ratios there is no significant difference in these two categories. Here again two ratios are common with overall analysis. 3. TS+IH v/s LEASING: When TS+IH companies are compared against leasing companies only for one ratio i.e. GP/TI null hypothesis is accepted. This is attributable to their different nature of functioning. 4. HP v/s LF: When HP companies are compared with LF companies it is observed that for 7 out of 19 ratios null hypothesis is accepted. These ratios are GP + D/TI, GP/TI, PAT/TA, DIVIDENT/PAT, RETAINED EARNINGS/PAT, Bank borrowing / Total Assets and BB / B. It is apparent that the nature of functioning of both the types of companies is different.

5. HP v/s LEASING: When HP companies are compared with leasing companies it is in 6 out of 19 ratios that null hypothesis is accepted. The ratios for which null hypothesis is accepted are: PAT / NET WORTH, TAX / PBT, BOROWINGS / TA, Bank borrowing / Total Assets, DEBT/TA and CURRENT RATIO. It is obvious that the assets base of Hire purchase and Leasing companies will be different even though the nature of working are similar. This is because of the accounting treatment. In case of HP companies the companies do not remain the owner of the asset whereas in the case of Leasing the companies are the owner of the asset. This leads of the difference in the ratios like TI/TA and PAT/TA. 6. LF v/s Leasing: When loan finance companies are compared with leasing companies, it is for 9 out of 19 ratios that the null hypothesis is accepted. These ratios are: GP/TI, Page 7 THE INDIAN ECONOMIC JOURNAL 92 PBT/TI, DIVIDENT/PAT, RETAINED EARNINGS/PAT, Interest coverage, BB/TA, BB/B, D/TA and loan to current assets. Out of these 9,5 are common with HP v/s LF.

From the table IV it follows that when two categories of NBFCs are taken separately the ratios for which null hypothesis is accepted changes. Conclusion On the basis of the study, it can be concluded that there exists a significant difference in the profitability ratios, leverage ratios and liquidity ratios of various categories of NBFCs. When two categories are examined against each other, then the more number of ratios are not statistically different from each other in majority of the cases except where TS+IH are compared with leasing. When all categories are taken together, null hypothesis is accepted for only three ratios indicating thereby that there does not exist a significant difference in only three ratios. From this it follows that the ratios for all categories of NBFCs are generally different from each other. The analysis of variance along with the details about average ratios may become a useful guide to companies to decide about diversification or continuation in the same line of business considering overall profitability within the regulatory framework. In brief, different categories of NBFCs

behave differently and it is the entrepreneurs choice in the light of behavior of some the parameters which go along with the category of NBFC. REFERENCES 1. Nabhis Law relating to Non Banking Financial Companies, A Nabhi Publication, 1994, pp. 1, 3, 5. 2. Reserve Bank of India Bulletin, August 97, p. 591 3. Machiraju H.R.: Indian Financial System, Vikas Publishing House Pvt. Limited, 1998, p. 7.1 4. CMIE, Monthly Review of Indian Economy, Dec. 1997, pp. 129-131. 5. Reserve Bank of India Bulletin, July 1998, p. 581 6. CMIE, Monthly Review of Indian Economy, May 1999, pp. 119. 7. CMIE, Monthly Review of Indian Economy, June 1999, pp. 110. 8. Seema Saggar, Financial Performance of Leasing Companies, During the Quinquennium Ending 1989-90 Reserve Bank of India: Occasional Papers, Vol. 16, No. 3 September 95, pp. 223-236. 9. Harihar T.S. Non-Banking Finance Companies, The Imminent Squeeze, Chartered Financial Analyst, February 1998, p. 40-47. 10. Reserve Bank of India Bulletin, August 1997, pp. 592-593.

11. Reserve Bank of India Bulletin Various issues, February 1991, May 1992, December 1992 etc. 12. Economic Times, Ahmedabad Edition, 26/3/99, p. 10 13. Bhole, L.M., Financial Institutions and Markets, Tata MC Graw Hill Publishing CO. Ltd., 1992. 14. Report of the Working Group on Financial Companies, Reserve Bank of India, Bombay, September, 1992. 15. Guide to Companies Act- A. Ramaiya, Twelfth Edition, Wadhwa and Company, Nagpur, 1992. 16. Dr. Guruswamy S., NBFCs The Rating Blues, Charterd Secretary, August 1998, pp. A169-A173. What are the different types of NBFCs registered with RBI?

The NBFCs that are registered with RBI are:

* (i) equipment leasing company; * (ii) hire-purchase company; * (iii) loan company; * (iv) investment company.

With effect from December 6, 2006 the above NBFCs registered with RBI have been reclassified as

* (i) Asset Finance Company (AFC) * (ii) Investment Company (IC) * (iii) Loan Company (LC)

AFC would be defined as any company which is a financial institution carrying on as its principal business the financing of physical assets supporting productive / economic activity, such as automobiles, tractors, lathe machines, generator sets, earth moving and material handling equipments, moving on own power and general purpose industrial machines.

Principal business for this purpose is defined as aggregate of financing real/physical assets supporting economic activity and income arising therefrom is not less than 60% of its total assets and total income respectively.

The above type of companies may be further classified into those accepting deposits or those not accepting deposits.

Besides the above class of NBFCs the Residuary Non-Banking Companies are also registered as NBFC with the Bank.

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1 First Page Previous Page Next Page / 82 Sections SectionsSection 1 of 46

* EXECUTIVE SUMMARYp. 3 * 1.1 TYPES OF NBFCSp. 5 * 1.2 REGULATIONS OF NBFCSp. 6 * 1.3 GUIDELINES FOR NEW DEPOSITSp. 8 * 1.4 RESPONSIBILITIESp. 11 * 1.5 CURRENT SCENARIOp. 12 * 2.1 IMPORTANCE OF NBFCSp. 15 * 2.2 ROLE OF NBFCSp. 16 * 2.3 ON GLOBAL CRISISp. 17 * 3.1 RESEARCH DESIGNp. 19 * 3.2 OBJECTIVEp. 19 * 3.3 SCOPE OF THE STUDYp. 19 * 3.4 DATA COLLECTIONp. 19

* 3.4.1 PRIMARY DATAp. 19 * 3.4.2 SECONDARY DATAp. 19 * 3.5 FIELD WORK PLANp. 20 * 4.1 LIC HOUSING FINANCEp. 24 * 4.1.1 Housing Finance Industryp. 24 * 4.1.2 Indian Housing Finance scenariop. 25 * 4.1.3 LIC Housing Financep. 26 * 4.1.4 Financial Performancep. 28 * 4.1.5 Macro Economic Analysisp. 33 * 4.2 RELIANCE CAPITAL:p. 38 * 4.2.1 Indian Economy:p. 38 * 4.2.2 Reliance Capitalp. 39 * 4.2.3 Financial Performancep. 41 * 4.2.4 Macro Economic Analysisp. 44 * 4.3 SHRIRAM TRANSPORT FINANCEp. 47 * 4.3.1 ECONOMIC OVERVIEWp. 47 * 4.3.2 COMMERCIAL VEHICLE INDUSTRY OVERVIEWp. 47 * 4.3.3 Shriram Transport Financep. 48 * 4.3.5 Financial Performancep. 49 * 4.3.4 SWOTANALYSISp. 52 * 4.4IDFCp. 56 * 4.4.1 Global Financial and Economic Crisisp. 56

* 4.4.2 Infrastructure Development Financep. 57 * 4.4.3 Financial Performancep. 59 * 4.4.5 Macro Economic Analysisp. 63 * 5.1 Top 5 Banks and NBFCs with highest profitabilityp. 67 * 5.3 Banking versus NBFC regulatory arbitrage in Indiap. 68 * 7.1 FINDINGSp. 75 * 7.1.1 Disbursements - Sharp fall during the crisisp. 75 * 8.1 Recommendation:p. 80 * 8.2 Conclusionp. 80 * REFERENCESp. 82

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A Comparative Study Of NBFC in India 2010 ALLIANCE BUSINESS SCHOOL|1 Table of Contents EXECUTIVE SUMMARY .................................................................................................................. 3

CHAPTER-1INTRODUCTION ......................................................................................................... 4 1.1 Types Of NBFCs ......................................................................................................................... 5 1.2 Regulations of NBFCs ................................................................................................................. 61.3 Guidelines for new deposits .......................................................................................................... 81.4 Responsibilities ........................................................................................................................... 111.5 Current Scenario ......................................................................................................................... 12

CHAPTER-2Literature review ......................................................................................................... 14

2.1 Importance Of NBFCs ............................................................................................................... 15 2.2 Role of NBFCs .......................................................................................................................... 162.3 On Global Crisis ......................................................................................................................... 17 CHAPTER-3RESEARCH METHODOLOGY ............................................................................... 18 3.1 RESEARCH DESIGN ................................................................................................................ 193.2 Objective .................................................................................................................................... . 193.3 SCOPE OF THE STUDY ........................................................................................................... 193.4 data collection ............................................................................................................................. 193.4.1 PRIMARY DATA ............................................................................................................... 193.4.2 SECONDARY DATA ......................................................................................................... 193.5 Field Work Plan .......................................................................................................................... 20 CHAPTER-4MAJOR PLAYERS AND SELECTED COMPANY FOR STUDY ........................ 21

4.1 LIC HOUSING FINANCe.......................................................................................................... 244.1.1 Housing Finance Industry .................................................................................................... 244.1.2 Indian Housing Finance scenario ......................................................................................... 254.1.3 LIC Housing Finance ........................................................................................................... 264.1.4 Financial Performance ......................................................................................................... 284.1.5 Macro Economic Analysis ................................................................................................... 334.2 Reliance Capital: ......................................................................................................................... 384.2.1 Indian Economy: .................................................................................................................. 384.2.2 Reliance Capital ................................................................................................................... 394.2.3 Financial Performance ......................................................................................................... 414.2.4 Macro Economic Analysis ................................................................................................... 444.3 Shriram transport finance ............................................................................................................ 47

A Comparative Study Of NBFC in India 2010 ALLIANCE BUSINESS SCHOOL|2 4.3.1 ECONOMIC OVERVIEW .................................................................................................. 474.3.2 COMMERCIAL VEHICLE INDUSTRY OVERVIEW ..................................................... 474.3.3 Shriram Transport Finance ................................................................................................... 484.3.5 Financial

Performance ......................................................................................................... 494.3.4 SWOTANALYSIS........................................................................................................... .... 524.4idfc .................................................................................................................................... ........... 564.4.1 Global Financial and Economic Crisis ................................................................................. 564.4.2 Infrastructure Development Finance .................................................................................... 574.4.3 Financial Performance ......................................................................................................... 594.4.5 Macro Economic Analysis ................................................................................................... 63 CHAPTER-5 INDIAN BANKS V/S NBFCS ................................................................................... 65 5.1 Top 5 Banks and NBFCs with highest profitability ................................................................ 675.3 Banking versus NBFC regulatory arbitrage in India ............................................................... 68 CHAPTER-6 Porters five forces ...................................................................................................... 70

CHAPTER-7FINDINGS & MANAGERIAL IMPLICATIONS ................................................... 74 7.1 findings .................................................................................................................................... ... 757.1.1 Disbursements - Sharp fall during the crisis ........................................................................ 757.1.2 Cost of Funding

.................................................................................................................... 777.1.3 Asset Quality ........................................................................................................................ 77 CHAPTER-8 RECOMMENDATIONS AND CONCUSION ......................................................... 79 8.1 Recommendation: ................................................................................................................... 808.2 Conclusion .............................................................................................................................. 80 REFERENCES .................................................................................................................................... 82

A Comparative Study Of NBFC in India 2010 ALLIANCE BUSINESS SCHOOL|3 EXECUTIVE SUMMARY The study presents a comparative study of NBFCs in India. There are almost 13000 registeredNBFCs in India. The study is aimed to provide an holistic view of the NBFC Industry. NBFC fulfills the financial gap by providing loan at a lower rate of interest. The major players of each field1) Housing Finance Industry: LIC Housing Finance.2) Infrastructure Finance Industry: IDFC3) Asset Financing: Shriram Transport Finance4) Composite: Reliance CapitalThe study also compared the Indian Banks v/s NBFC. It was found

that at even at the time of theeconomic slowdown NBFC was more profitable. Porters Five forces was also used to analyse theindustry and to find the competitiveness in the industry. The industry is not tightly regulated asthere are many regulatory bodies. Hence, there was an important need to study the NBFC as theindustry plays an important role in the financial Services market of INDIA. It is encouraging that the NBFC sectors importance is finally being acknowledged across FS market constituents as well as the regulator. However, the importance attached to the sector isoften transcending into misplaced exuberance. Over simplified and vague drivers for NBFCvaluations such as strategic fit and customer base, can never substitute dispassionate businessanalytics. A rational assessment of the intrinsic values of NBFCs factoring issues such as pastperformance, structural weaknesses of the sector (for instance funding disadvantages), alongwith an identification of real capabilities are essential to ensure that the equilibrium betweenprice paid and value realized is reached to the extent possible. In the absence of this, India issure to witness the re-opening of the NBFC horror story albeit with a new chapter on theerosion of NBFC investment values affecting investors across categories .

A Comparative Study Of NBFC in India 2010 ALLIANCE BUSINESS SCHOOL|4 CHAPTER-1 INTRODUCTION

A Comparative Study Of NBFC in India

2010 ALLIANCE BUSINESS SCHOOL| INTRODUCTION5 A Non-Banking Financial Company (NBFC) is a company registered under the CompaniesAct, 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 othersecurities of like marketable nature, leasing, hirepurchase, insurance business, chit businessbut does not include any institution whose principal business is that of agriculture activity,industrial activity, sale/purchase/construction of immovable property. A non-bankinginstitution which is a company and which has its principal business of receiving depositsunder any scheme or arrangement or any other manner, or lending in any manner is also anon-banking financial company (Residuary non-banking company).NBFCs are doing functions akin to that of banks; however there are a few differences:(i)an NBFC cannot accept demand deposits;(ii) an NBFC is not a part of the payment and settlement system and as such an NBFC cannotissue cheques drawn on itself; and(iii) deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is notavailable for NBFC depositors unlike in case of banks. 1.1 TYPES OF NBFCS

Originally, NBFCs registered with RBI were classified as: (i)equipment leasing company;(ii) hire-purchase company;(iii) loan company;(iv) investment company.However, with effect from December 6, 2006 the above NBFCs registered with RBI havebeen reclassified as(i) Asset Finance Company (AFC)(ii) Investment Company (IC)(iii) Loan Company (LC)

A Comparative Study Of NBFC in India

2010 ALLIANCE BUSINESS SCHOOL| INTRODUCTION6 1.2 REGULATIONS OF NBFC S

In terms of Section 45-IA of the RBI Act, 1934, it is mandatory that every NBFCshould be registered with RBI to commence or carry on any business of nonbankingfinancial institution as defined in clause (a) of Section 45 I of the RBI Act, 1934.However, to obviate dual regulation, certain categories of NBFCs which are regulatedby other regulators are exempted from the requirement of registration with RBI viz.Venture Capital Fund/Merchant Banking companies/Stock broking companiesregistered with SEBI, Insurance Company holding a valid Certificate of Registrationissued by IRDA, Nidhi companies as notified under Section 620A of the CompaniesAct, 1956, Chit companies as defined in clause (b) of Section 2 of the Chit Funds Act,1982 or Housing Finance Companies regulated by National Housing Bank.

A company incorporated under the Companies Act, 1956 and desirous of commencing business of non-banking financial institution as defined under Section 45I(a) of the RBI Act, 1934 should have a minimum net owned fund of Rs 25 lakh(raised to Rs 200 lakh w.e.f April 21, 1999).The company is required to submit its application online by accessing RBIs secured

website https://secweb.rbi.org.in/COSMOS/rbilogin.do (the applicant companies donot need to log on to the COSMOS application and hence user ids for these companies are not required). The company has to click on CLICK for CompanyRegistration on the login page. A window showing the Excel application formsavailable for download would be displayed. The company can then downloadsuitable application form (i.e. NBFC or SC/RC) from the above website, key in thedata and upload the application form. The company may note to indicate the name of the correct Regional Office in the field C 8 of the Annx Identification Particulars worksheet of the Excel application form. The company would then get a CompanyApplication Reference Number for the CoR application filed on-line. Thereafter, thecompany has to submit the hard copy of the application form (indicating the CompanyApplication Reference Number of its on-line application), along with the supportingdocuments, to the concerned Regional Office. The company can then check the statusof the application based on the acknowledgement number. The Bank would issueCertificate of Registration after satisfying itself that the conditions as enumerated inSection 45-IA of the RBI Act, 1934 are satisfied.

A Comparative Study Of NBFC in India 2010

ALLIANCE BUSINESS SCHOOL| INTRODUCTION7

All NBFCs are not entitled to accept public deposits. Only those NBFCs holding avalid Certificate of Registration with authorisation to accept Public Deposits canaccept/hold public deposits. NBFCs authorised to accept/hold public deposits besideshaving minimum stipulated Net Owned Fund (NOF) should also comply with theDirections such as investing part of the funds in liquid assets, maintain reserves,rating etc. issued by the Bank.Yes, there is a ceiling on acceptance of Public Deposits. An NBFC maintaining requiredNOF/Capital to Risk Assets Ratio (CRAR) and complying with the prudential norms canaccept public deposits as follows:Category of NBFC having minimumNOF of Rs 200 lakhsCeiling on publicdeposit

AFC* maintaining CRAR of 15% without credit ratingAFC with CRAR of 12% and having minimum investment gradecredit rating1.5 times of NOF or Rs 10crore whichever is less4 times of NOF

LC/IC** with CRAR of 15% and having minimum investmentgrade credit rating1.5 times of NOF*AFC=Asset Finance Company** LC/IC = Loan company/Investment CompanyAs has been notified on June 17, 2008 the ceiling on level of public deposits for NBFCsaccepting deposits but not having minimum Net Owned Fund of Rs 200 lakh is revised asunder:

Category of NBFC having NOF morethan Rs 25 lakh but less than Rs 200 lakhRevised Ceiling on publicdeposits

AFCs maintaining CRAR of 15% without credit rating and Equal to NOF

AFCs with CRAR of 12% and having minimum investmentgrade credit rating1.5 times of NOF

A Comparative Study Of NBFC in India 2010 ALLIANCE BUSINESS SCHOOL| INTRODUCTION8 LCs/ICs with CRAR of 15% and having minimum investmentgrade credit ratingEqual to NOF

Presently, the maximum rate of interest an NBFC can offer is 12.5%. The interestmay be paid or compounded at rests not shorter than monthly rests.The NBFCs are allowed to accept/renew public deposits for a minimum period of 12months and maximum period of 60 months. They cannot accept deposits repayable ondemand.

The NBFCs are allowed to accept/renew public deposits for a minimum period of 12months and maximum period of 60 months. They cannot accept deposits repayable ondemand.

NBFCs cannot offer interest rates higher than the ceiling rate prescribed by RBI fromtime to time. The present ceiling is 12.5 per cent per annum. The interest may be paidor compounded at rests not shorter than monthly rests.

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

NBFCs (except certain AFCs) should have minimum investment grade credit rating.

The deposits with NBFCs are not insured.

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

Certain mandatory disclosures are to be made about the company in the ApplicationForm issued by the company soliciting deposits.

Effective from April 24, 2004, NBFCs cannot accept deposits from NRIs exceptdeposits by debit to NRO account of NRI provided such amount does not representinward remittance or transfer from NRE/FCNR (B) account. However, the existingNRI deposits can be renewed. 1.3 GUIDELINES FOR NEW DEPOSITS

Customer identification: 'Know The Customer' (KYC) should be the key guidingprinciple for identification of an individual / corporate customer (depositor orborrower).

A Comparative Study Of NBFC in India 2010 ALLIANCE BUSINESS SCHOOL| INTRODUCTION9

Accordingly, the KYC framework should have two-fold objective, (i) to ensurecustomer identification and verifying his identity and residential address; and (ii) tomonitor transactions of a suspicious nature.

NBFCs should ensure that the identity of the customer, including beneficial owner isdone based on disclosures by customers themselves.

Typically easy means of establishing identity would be documents such as PermanentAccount Number (PAN), ration card, driving licence, Election Commission's identitycard, passport, et cetera in case of individuals and registration certificate, partnershipdeed/agreement, et cetera and other reliable documents in respect of companies, firmsand other bodies.

Verification through such documents should be in addition to the introduction by aperson known to the NBFC.Procedures for existing customers

In respect of existing customers, NBFCs should ensure that gaps and missinginformation in compliance of KYC guidelines on customer identification procedure isfilled up and completed before June 30, 2004.Ceiling and monitoring of cash transactions

NBFCs would normally not have large cash withdrawals and deposits.

However, wherever transactions of Rs 10 lakh (Rs 1 million) and above areundertaken, they should keep record of these transactions in a separate registermaintained at branch, as well as at Registered Office.

Such information should be made available to regulatory and investigating authorities,when demanded.Guidelines and monitoring procedures

The board of directors of NBFCs should formulate policies and procedures tooperationalise the guidelines and put in place an effective monitoring system to ensurecompliance by their branches.

Early computerisation of branch/office reporting will facilitate prompt generation of such reports and monitoring.

A Comparative Study Of NBFC in India 2010 ALLIANCE BUSINESS SCHOOL| INTRODUCTION10 Internal control systems

Duties and responsibilities should be explicitly allocated among the staff for ensuringthat policies and procedures are managed effectively and that there is full commitmentand compliance to an effective KYC programme in respect of both existing andprospective customers/clients.Internal audit/inspection

Internal auditors must specifically scrutinise and comment on the effectiveness of themeasures taken by branches / offices of NBFC in adoption of KYC norms and stepstowards prevention of money laundering.

Specific cases of violation should be immediately brought to the notice of head / controlling / registered office.Record keeping

NBFCs should prepare and maintain proper documentation on their customerrelationships and cash transactions of Rs 10 lakh and above.

The records of all such transactions should be retained for at least ten years after thetransaction has taken place and should be available for perusal and scrutiny by auditfunctionaries as well as regulators and law enforcement authorities; as and whenrequired, at the branch as well as at registered office.Training of staff and management

It is important that all the operating and management staff is made fully aware of theimplications and understand the need for strict adherence to KYC norms.

NBFCs may take suitable steps to impart training to their operational staff on anti-money laundering measures.

A Comparative Study Of NBFC in India 2010 ALLIANCE BUSINESS SCHOOL| INTRODUCTION11 1.4 RESPONSIBILITIES The NBFCs accepting public deposits should furnish to RBIi.

Audited balance sheet of each financial year and an audited profit and loss account inrespect of that year as passed in the annual general meeting together with a copy of the report of the Board of Directors and a copy of the report and the notes on accountsfurnished by its Auditors;ii.

Statutory Annual Return on deposits - NBS 1;iii.

Certificate from the Auditors that the company is in a position to repay the depositsas and when the claims arise;iv.

Quarterly Return on liquid assets;v.

Half-yearly Return on prudential norms;vi.

Half-yearly ALM Returns by companies having public deposits of Rs. 20 crore andabove or with assets of Rs. 100 crore and above irrespective of the size of deposits ;vii.

Monthly return on exposure to capital market by companies having public depositsof Rs. 50 crore and above; andviii.

A copy of the Credit Rating obtained once a year along with one of the Half-yearlyReturns on prudential norms as at (v) above. Final Report on NBFC Download this Document for FreePrintMobileCollectionsReport Document Report this document?

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* EXECUTIVE SUMMARY * 1.1 TYPES OF NBFCS * 1.2 REGULATIONS OF NBFCS * 1.3 GUIDELINES FOR NEW DEPOSITS * 1.4 RESPONSIBILITIES * 1.5 CURRENT SCENARIO * 2.1 IMPORTANCE OF NBFCS * 2.2 ROLE OF NBFCS * 2.3 ON GLOBAL CRISIS * 3.1 RESEARCH DESIGN * 3.2 OBJECTIVE * 3.3 SCOPE OF THE STUDY * 3.4 DATA COLLECTION * 3.4.1 PRIMARY DATA * 3.4.2 SECONDARY DATA * 3.5 FIELD WORK PLAN * 4.1 LIC HOUSING FINANCE * 4.1.1 Housing Finance Industry * 4.1.2 Indian Housing Finance scenario * 4.1.3 LIC Housing Finance * 4.1.4 Financial Performance

* 4.1.5 Macro Economic Analysis * 4.2 RELIANCE CAPITAL: * 4.2.1 Indian Economy: * 4.2.2 Reliance Capital * 4.2.3 Financial Performance * 4.2.4 Macro Economic Analysis * 4.3 SHRIRAM TRANSPORT FINANCE * 4.3.1 ECONOMIC OVERVIEW * 4.3.2 COMMERCIAL VEHICLE INDUSTRY OVERVIEW * 4.3.3 Shriram Transport Finance * 4.3.5 Financial Performance * 4.3.4 SWOTANALYSIS * 4.4IDFC * 4.4.1 Global Financial and Economic Crisis * 4.4.2 Infrastructure Development Finance * 4.4.3 Financial Performance * 4.4.5 Macro Economic Analysis * 5.1 Top 5 Banks and NBFCs with highest profitability * 5.3 Banking versus NBFC regulatory arbitrage in India * 7.1 FINDINGS * 7.1.1 Disbursements - Sharp fall during the crisis

* 8.1 Recommendation: * 8.2 Conclusion * REFERENCES

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