2. NBFCs-ND-SI may also be issuing guarantees and devolvement of these guarantees might require access to public funds.

Can NBFC appoint BC?

Mumbai: The Reserve Bank of India (RBI) on Tuesday permitted banks to appoint non-banking finance companies (NBFCs) which do not accept deposits as their business correspondents (BCs), a move which could help extend banking services to remote areas.

Can NBFC take legal action?

The Act done by the recovery agency of NBFC is illegal and you can initiate case against them. But here the core point is of recovery. If you are going before the Court of law, the said bank will also initiate recovery proceedings against you.