NBFCs (Non-Banking Financial Companies):  A. Mutual Funds  B. Payment Banks  C. Hedge Funds  D. Venture Capital Funds

The question seems to be incomplete. Could you please provide the complete question?

The question seems to be asking which of the options (A. Mutual Funds, B. Payment Banks, C. Hedge Funds, D. Venture Capital Funds) are considered Non-Banking Financial Companies (NBFCs).

Here's the answer:

A. Mutual Funds: No, mutual funds are not considered as NBFCs. They are investment vehicles that pool together funds from various investors to invest in securities like stocks, bonds, money market instruments, and other assets.

B. Payment Banks: No, payment banks are not NBFCs. They are a new model of banks conceptualized by the Reserve Bank of India (RBI). They can accept a restricted deposit and offer services like ATM cards, debit cards, net-banking and mobile-banking.

C. Hedge Funds: No, hedge funds are not considered as NBFCs. They are alternative investments using pooled funds that employ different strategies to earn active return, or alpha, for their investors.

D. Venture Capital Funds: Yes, venture capital funds can be considered as NBFCs. They provide capital to start-ups and small businesses with perceived long-term growth potential. This is a very important source of funding for start-ups that do not have access to capital markets.