Join our Law Notes WhatsApp Group and stay updated with Legal and Judicial Updates
Banking vs Non Banking Company
- Services: Banking companies provide safety deposit lockers, issues Bankers Cheques and Bank Drafts, honers cheques and bills of exchanges. These services are not provided by non-banking companies.
- Duties: A Banking company has duties in the form of Debtor, Creditor, Bailee, Pledgee, Mortgagee, Trustee, Agent etc. Not all of these services are rendered by non-banking company.
- Post office is not a bank because they do not offer cheques.