Banking license

A banking license is a legal prerequisite for a financial institution that wants to carry on a banking business. Typically, a business is not permitted to call itself a bank unless it holds a banking license. Under laws of most jurisdictions, general banking activities, such as taking deposits from the general public, are exclusive to holders of a banking license. 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.

Banking license

A banking license is a legal prerequisite for a financial institution that wants to carry on a banking business. Typically, a business is not permitted to call itself a bank unless it holds a banking license. Under laws of most jurisdictions, general banking activities, such as taking deposits from the general public, are exclusive to holders of a banking license. 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.