Electoral bond authorization permits scheduled banks to issue bonds under a Central Government scheme and defines NBFC categories. Section 31(3) empowers the Central Government to authorise any scheduled bank to issue electoral bonds, defined as bonds issued by scheduled banks under a government-notified scheme. Section 2(e) defines scheduled bank as a bank included in the Second Schedule. Section 45-I(f) defines a non-banking financial company as a company that is a financial institution, a deposit-taking or lending company, or other institutions the Bank may specify with prior Central Government approval.