Nidhi Company, is the one of non banking Indian Finance sector and acknowledged under section 620A of the Business Act, 1956. Their main company is obtaining and lending money only between their members. The companies doing Nidhi business, viz. borrowing from members and providing to members only, are known under various names such as Nidhi, Permanent Fund, Advantage Funds, Mutual Advantage Funds and Mutual Advantage Companies.
You can do financial business like collecting deposits from members in form of repaired deposit, repeating deposit, open savings accounts of members and distribute loans to members(individual, correctly, home loan, jewellery, gold, automobile etc.) Nidhis are more popular in South India and are highly localized single office institutions.They are shared benefit societies, because their transactions are restricted just to the members; and subscription is limited to individuals. The principal source of funds is contribution from the members. A nidhi company is supposed to perform all its schemes and plans according to the guidelines of RBI. It can not carry out any strategy either loan or deposit of more than five years. The loans are offered to the members at reasonably sensible rates for purposes such as house construction or repair works and are usually protected. When compared to the organized banking sector, the deposits mobilized by Nidhis are not much. Nidhi in the Indian context means "treasure". In the Indian sector, it refers to any mutual advantage society alerted by the Central Federal government as a Nidhi Company. They are produced generally for promoting the routine of thrift and cost savings amongst its members.
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