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As a promotional agency for industrial development, Non -Banking Financial Institutions
(NBFIs) plays an important role in the economic development of India along with the banking
sector. The Non-Banking Financial Institutions (NBFIs) sector in India includes All India
Financial Institutions (AIFIs), Non-Banking Financial Companies (NBFCs) and Primary
Dealers (PDs). The Non-Banking Financial Institutions (NBFIs) sector in India is under the
supervision and regulation of Reserve Bank of India. Within the NBFI sector, NBFCs hold 75
per cent of total assets as compared to AIFIs (23 per cent) and PDs (2 per cent). On the basis of
liability structures NBFCs are classified in to NBFCs-D and NBFCs-ND. On the basis of asset
size NBFCs-ND are classified as NBFCs-ND-SI. This paper deals with the analytical study of
financial performance of non-banking financial companies (NBFCs) in India with special
reference to NBFCs-D and NBFCs-ND-SI.

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