() Quasi-banks Entities engaged in the borrowing of funds through the issuance, endorsement or assignment with recourse or acceptance of deposit substitutes for purposes of relending or purchasing of receivables and other obligations. In this connection, deposit substitutes is an alternative form of obtaining funds from the public, other than deposits, through the issuance, endorsement, or acceptance of debt instruments for the borrower's own account, for the purpose of relending or purchasing of receivables and other obligations. These instruments may include, but need not be limited to, bankers acceptances, promissory notes, participations, certificates of assignment and similar instruments with recourse, and repurchase agreements. Quasi-banks are NOT Banks . They are not banks because they have no deposit function . Just because an entity is engaging in quasi-banking functions does not mean that the entity is a quasi- bank. It could also be a universal bank or a commercial bank