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NidhiPro is a complete Robust solution for Deposit, Term Deposit like Pigmy, RD, FD, MIS and Loan management Software. It has been specially designed to cater to the technological needs of Managing Nidhi Banking in India. All integrated with accounts.
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INTRODUCTION • Nidhi Company is a company incorporated as such with an objective of: • Cultivating the habit of thrift; • Saving amongst its members; • Receiving deposits from its members • Lending money to it members.
SET UP PROCEDURE Rule 4 of NIDHI Rules 2014 provides that: 1. A Nidhi Company should be incorporated as a public company under the Companies Act, 2013 (“the Act”) with paid up equity capital of five lakh rupees. 2. After the Act came into effect no Nidhi company should issue preference shares.
SET UP PROCEDURE 3.If preference shares are issued prior to commencement of the Act, they shall be redeemed as per the terms of their issue. Nidhi Company is created with the objective of cultivating the habit of thrift and saving amongst its members. It shall have the words “Nidhi Limited” as part of its name.
Minimum Number of members Needed • Minimum number of members shall be 200. • Net owned fund of ten lakhs or more. • Unencumbered term deposit of not less than 10% of outstanding deposit. • Ratio of net owned fund to deposit of not more than 1:20.
Share capital and allotment • Every Nidhi Company shall issue equity shares of the nominal value of not less than ten rupees each. • No service charge shall be levied for issue of shares. • Every Nidhi shall allot to each deposit holder at least a minimum of ten equity shares or shares equivalent to one hundred rupees.
LOANS BY NIDHI • A Nidhi shall provide loans only to its members. • two lakh rupees, where the total amount of deposits of such Nidhi from its members is less than two crore rupees; • seven lakh fifty thousand rupees, where the total amount of deposits of such Nidhi from its members is more than two crore rupees but less than twenty crore rupees;
LOANS BY NIDHI • twelve lakh rupees, where the total amount of deposits of such Nidhi from its members is more than twenty crore rupees but less than fifty crore rupees • fifteen lakh rupees, where the total amount of deposits of such Nidhi from its members is more than fifty crore rupees
ADVANTAGES • The Nidhi Companies, which may also be called as the Mutual Benefit Societies/Companies, offer certain exclusive features or advantages as compared to the regular finance investment companies. • The following are the main and most impressive nidhi mutual benefit company advantages available in entire India:
ADVANTAGES • These are highly localized single office institutions duly recognized by the government and governed primarily by the members, • These companies offer easy financial loans to the financially middle and lower classes of people, with minimum formalities. • The secured loans are available at rather reasonable rates for the purposes like house construction or repairs.
ADVANTAGES • Collateral in form of jewelry or mortgage of property is accepted. • accept term deposits for timely returns. • guarantee secured investments by virtue of rigid membership structure. • The loans and savings are facilitated by the minimum documentation and formalities.
