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The word “Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, & lending to, its members only, for their mutual benefit, & which complies with such rules as are prescribed by the CG for regulation of such class of companies. Nidhi is one of the familiar words in India which means money or treasure. The Nidhi Company is entitled to borrow from its members, and give loans only to its members. Therefore, it is also referred to as Mutual Benefit Society. Because it works for the mutual benefit and welfare of all members. Their core business is borrowing and lending money between their members. They are mutual benefit societies, because their dealings are restricted only to the members; and membership is limited to individuals. The principal source of funds is the contribution from the members.
Nidhi Company is a class of Non-Banking Financial Company and Reserve Bank of India (RBI) has powers to issue directives for them related to their deposit acceptance activities. However, since these Nidhi deal with their shareholder or members only, RBI has exempted them from the core provisions of the RBI Act and other directions applicable to NBFCs. The dealings of Nidhi Company are restricted to its members only i.e., borrowing from the members and lending to back to them only and hence regarded as the mutual benefit societies. Nidhi Companies provides loans at less rates comparatively than Banks. Registration of Nidhi Company is very simple and less complicated. It has been more popular in southern part of India.
PAN Card | Self attested PAN Card issued by I.T. Department |
Aadhar Card | Self attested Aadhar Card issued by UIDAI |
Id Proof | Self attested id proof (Voter ID/DL/Passport) |
Address Proof | One month bank statement or telephone bill |
Photograph | A latest passport-size colour photographs |
Utility Bill | Latest electricity bill with NOC |
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Certainty on Savings
The basic objective of Nidhi companies is to promote the culture of savings among the people of India. This objective makes the concept of Nidhi companies certain and trustworthy.
Low Capital Required
Ministry of Corporate Affairs (MCA) commands that the minimum capital requirement of Rs. 5 lakhs for Nidhi. And, within 1-year, the capital has to be raised to at least Rs. 10 lakhs. Thus, low Capital required.
Simple Registration Procedure
The process of Nidhi Company formation is free from all the complexities. In other words, it’s simple and easy to form a Nidhi Company. There is no need for a Nidhi Company to attain a license from the Reserve Bank of India.
Limited RBI Regulations
RBI has powers to issue directives for them related to their deposit acceptance activities. However, since these Company deal with their members only. RBI has exempted Nidhi Company from following stringent compliances.
No Scope for Outsiders
The Nidhi Companies are formed, managed and provides benefits only to their members or shareholders. No external party can deposit money; also, they can’t intervene in management-related decisions of the Company.Call us at: +91-93112-34414 / 15 / 16 or Email us: hello@incorporatehouse.com
Self attested PAN Card issued by I.T. Department
Self attested Aadhar Card issued by UIDAI
Self attested id proof (Voter ID/DL/Passport)
One month bank statement or telephone bill
A latest passport-size colour photographs
Latest electricity bill with NOC