'Non-Banking Financial Companies' are akin to that of bank, but they differ from banks in certain cases. Explain.

A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property. NBFCs lend and make investments and hence their activities are akin to that of banks; however there are few differences such as: NBFC cannot accept demand deposits. NBFC's do not form part of the payment and settlement system and cannot issue cheques drawn on itself. Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFC's unlike in the case of banks.