Which among the following group best fits in a definition of a ‘shadow banking system’?

[A] Scheduled Commercial Banks, Non Banking Finance Companies, Hedge Funds
[B] Non banking Finance Companies, Investment banks, Hedge funds
[C] Scheduled Commercial Banks, Private Banks and NBFC’s
[D] Scheduled Commercial banks, Cooperative Banks and Investment Banks

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This question is part of UPSC Prelims Practice and Mock Tests membership programme.

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