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NIDHI Company is a company incorporated below Companies Act, 2013 following the want of cultivating the craving of thrift and mass among members. This means that a NIDHI Company can take deposit and lend keep to its members subject to sure restriction as may be imposed on it from period to time.
IS NIDHI COMPANY REQUIRED TO APPLY FOR NBFC LICENSE OR ANY OTHER RBI REGISTRATIONS?
No, NIDHI Company is solely governed by the provisions of Companies Act, 2013 and Nidhi Rules, 2014 and RBI has interference in the practicing of NIDHI Company.
RBI has vide Notification Clarified that NIDHI Companies i.e. a non-banking financial company -notified below section 620A of the Companies Act, 1956 (Act 1 of 1956), as NIDHI Company shall be exempt from the provisions of Chapter III B of the RBI Act, 1934.
RESTRICTIONS ON NIDHI COMPANY?
After Registration NIDHI Company must fulfill as soon as conditions in order to keep working:
- Must ensue 200 members within 1 year of its incorporation.
- Must lend allowance and take deposit forlorn to/from its members.
- Must not advertise practically its facilities in any publicize what so ever.
- Must not entry office in new district and a maximum of 2 further offices in the same state
WHAT KIND OF DEPOSITS A NIDHI CAN ACCEPT?
A NIDHI can accept following type of deposits
- Fixed Deposit
- Recurring Deposit
- Saving Deposit
Rate of interest on these deposits shall not exceed rate of captivation prescribed by RBI for NBFC companies.
A company shall preserve not less that 10% of the total deposits in the form of unencumbered term deposit, in the form of Fixed Deposit at any Nationalized Bank or Post Office.
LOAN
A Nishi can lend grant in the form of innovation only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of raptness charged on loan shall not in any proceedings exceed 7.5% of the highest rate of amalgamation provided by Nidhi upon Deposits.
Rate of Interest on Loan shall be calculated by using reducing captivation method.
MEMBERS
Conditions for attachment of a NIDHI Company:
- Member must be an Individual and an Indian Citizen.
- He must subscribe to at least portion worth Rs.100/- of the NIDHI Company
- He must follow the terms and conditions as stipulated in his connection agreement.
Documents/Information Required for Incorporating a NIDHI Company
Members (Minimum 7)
- A copy of PAN
- A copy of Voter ID or Driving License or Aadhar Card
- Up to date bank passbook or bank encouragement or utility version in the reveal of members
- 2 Passport size photograph
- Mobile Number and E mail Id
- For Registered Office
A copy of Electricity Bill or A copy of Gas version and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends subsequently the word NIDHI LIMITED