 "A snapshot of FD rates offered by small finance banks and others")
Non-banking financial companies (NBFCs) in India or across the globe have a simple business model — borrow from banks or capital markets in the form of non-convertible debentures (NCD) or (commercial papers) CPs or any other financial instruments and lend to end users. While the regulator/nodal agencies like RBI/ NHB (National Housing Bank) also lend to the set of finance companies, a large part of the borrowing has to be done from the markets to meet their business growth.
While the business model looks easy on the face of it, it is a complex process as the NBFCs/HFCs (housing finance
