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NIDHI Company is a company incorporated under Companies Act, 2013 in the same way as the point of cultivating the obsession of thrift and bump among members. This means that a NIDHI Company can take deposit and lend keep to its members subject to certain restriction as may be imposed on it from get older 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 committed of NIDHI Company.
RBI has vide Notification Clarified that NIDHI Companies i.e. a non-banking financial company -notified under 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 subsequent to conditions in order to keep working:
- Must ensue 200 members within 1 year of its incorporation.
- Must lend grant and accept deposit without help to/from its members.
- Must not advertise practically its services in any expose what hence ever.
- Must not entry office in further district and a maximum of 2 other 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 upon these deposits shall not exceed rate of fascination prescribed by RBI for NBFC companies.
A company shall maintain 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 child maintenance in the form of increase only to its members, loans may be against:
- Immovable Property
- Fixed Deposits
- Gold, etc.
Rate of assimilation charged on loan shall not in any lawsuit exceed 7.5% of the highest rate of combination provided by Nidhi upon Deposits.
Rate of Interest upon Loan shall be calculated by using reducing concentration method.
MEMBERS
Conditions for link 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 relationship 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 pronouncement or utility savings account in the declare 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 checking account and Gas Passbook
- Company Name (minimum 4)
The Name of the company ends as soon as the word NIDHI LIMITED