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NON-BANK FINANCIAL COMPANIES (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. Operations are, regardless of this, still exercised under bank regulation. However this depends on the jurisdiction, as in some jurisdictions, such as New Zealand, any company can do the business of banking, and there are no banking licenses issued.
SERVICES PROVIDED
Non-bank institutions frequently acts as
• Suppliers of loans and credit facilities,
• Supporting investments in property,
• Trading money market instruments
• Funding private education,
• Wealth management such as Managing portfolios of stocks and shares and
• Underwrite stock and shares, TFCs and other obligations
• Retirement planning
• Advise companies in merger and acquisition
• Prepare feasibility, market or industry studies for companies
• Discounting services e.g, discounting of instruments.
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.

CLASSIFICATION
Depending upon their nature of activities, non- banking finance companies can be classified into the following categories:
1. Development finance institutions
2. Leasing companies
3. Investment companies
4. Modaraba companies
5. House finance companies
6. Venture capital companies
7. Discount & guarantee houses

LIFE INSURANCE CORPORATION (LIC) OF INDIA LTD.
MISSION
"Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development."

VISION
"A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."
HISTORY
Life Insurance in its modern form came to India from England in the year...