A non-banking financial company is an institution that provides financial services without meeting the legal definition of a bank, such as holding a banking license.

It was previously known as Kotak Mahindra Finance Limited, a non-banking financial company.

A non-banking company, such as Sears, Roebuck or American Express, could own and operate a bank.

David Brancoli, a spokesman for Visa, declined to comment on the number of applications pending or expected from non-banking companies.

After a meeting of its board in Dallas yesterday, Visa said it intended to provide open access to "all regulated financial institutions" including those owned by non-banking companies.

The insurance sector, non-banking financial companies, and pension funds have been added to the purview of the Commission.

Deposit-taking co-operatives were a form of non-banking financial company (NBFC) in Malaysia.

The number of non-banking financial companies has expanded greatly in the last several years as venture capital companies, retail and industrial companies have entered the lending business.

They dominate mutual funds and are the leading investment advisers and securities underwriters, and have significant holdings in non-banking companies.

Because of these differences, peer-to-peer lenders are considered non-banking financial companies.