Further in terms of section 45 I (f) of the RBI Act, a company would also be an NBFC, if its principal business is that of receiving deposits under any scheme or arrangement. Thus a company  BIS central bankers’ speeches  1  whose principal business is agricultural operations, industrial activity, trading or real estate business is not a financial institution.
The extremely diverse set of entities in the Non-Bank Finance Institution (NBFI) universe and their respective regulators are shown in Chart 1 below.