Nidhi Company

What exactly is the Nidhi Company?

A Nidhi Company is an Indian non-banking financial company (NBFC) managed by the Nidhi Rules, 2014 and recognized under Section 406 of the Companies Act, 2013. As a public limited business, its primary goal is to promote thrift and savings among its members while also offering financial support to them through loans.

A minimum of seven members are required to form a Nidhi firm, and the firm must have a net owned fund of at least ten lakhs. Unlike other NBFCs, Nidhi Companies’ operations are restricted to borrowing and lending among its individual members exclusively. They are not permitted to take public deposits or participate in any financial operations. Despite being free from RBI registration, Nidhi Companies must follow strict requirements set by India’s Ministry of Corporate Affairs (MCA).

Official registration of OPC in India is lawful, according to Section 262 of the Companies Act of 2013. A single director and a single member representing the entire firm are required for one person company formation in India. There are extremely few of this form of organization.

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Nidhi Company Registration

There is one DSC and three DINs supplied. Registration of a company name and expert assistance till RBI principle approval

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Advantages

Advantages of a Nidhi Company

Low-Cost Borrowing

Individuals who are members of a Nidhi firm can borrow money at a cheaper interest rate than banks. This is a big benefit during times of financial need, as different members may require contributions at different periods.

Encourages Saving

Nidhi organizations urge all of their members to conserve money and live frugally. Nidhi registration fosters a mutual benefit society by allowing members to give or borrow money and receive financial aid among themselves.

Simplified Process

Nidhi corporation has a much simpler process than the banks or unauthorised lenders. Due to the well-organised incorporation processes, members of a Nidhi company can optimise the potential of their financial resources and have access to lower interest rates when they require cash for their own requirements.