certain authorities (e.g. central banks, government bodies), electronic money institutions (EMI) and payment institutions. Organisations that are not credit institutions or EMI can apply for authorisation to be a payment institution in any EU country of their URL choice (where they are established) and then passport their payment services into other states across the EU. Classification By liability structure Based on their liability structure, have been divided into two categories. Category ‘A’ companies (NBFCs-D) accept public deposits Category ‘B’ companies do not accept public deposits Category ‘B’ companies with under a billion euros (NBFCs-ND) Category ‘B’ companies with over €1B (systemically important, NBFCs-ND-SI) are subject to requirements of capital adequacy, liquid assets maintenance, exposure norms (including restrictions on exposure to investments in land, building and unquoted shares), asset and liability management (ALM) discipline and reporting requirements. In contrast, until 2006, were subject to minimal regulation. Since April 1, 2007, non-deposit taking NBFCs with assets over €1B are classified as systemically important. Prudential regulations, such as capital adequacy requirements and exposure norms with reporting requirements, apply to these companies. The reporting and disclosure norms have also been made applicable to them at different points in time. By nature of activity Depending upon their nature of activities, non-banking finance companies can be classified into the following categories, also known as notified entities: Development finance institutions Leasing companies Investment companies Modaraba companies House finance companies Venture capital companies Discount & guarantee houses Corporate development companies In the United States In 1996, the NBFI sector accounted for approximately $200 billion in transactions in the United States. See also Alternative financial services Financial economics Shadow banking system References External links World Bank GFDR Report India’s Top 50 NBFCs’ Ranking 2018 Reserve Bank of India announces tighter regulations for NBFCs in India Financial services organizations