Non-Banking Finance Companies are companies that provide bank-like financial services such as loans and credit facilities, currency exchange and retirement planning but do not hold a banking licence.
However, they do not accept deposits from the public in forms of savings accounts as done by banks.

Example:
Government of India has partnered with NBFCs to provide loans to students under Vidya Kaushal Portal. Although NBFCs are not subject to the banking regulations, they help meeting the credit/loan demands of people which the banks are unable to meet.