A banking license is a prerequisite for a financial institution that wants to provide banking services. Under most jurisdictions the fundamental 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.
Read more about Banking License: License Issuance
Famous quotes containing the words banking and/or license:
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“My attitude toward punctuation is that it ought to be as conventional as possible. The game of golf would lose a good deal if croquet mallets and billiard cues were allowed on the putting green. You ought to be able to show that you can do it a good deal better than anyone else with the regular tools before you have a license to bring in your own improvements.”
—Ernest Hemingway (1899–1961)