Nidhi Company Registration

• April 20, 2023
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"Nidhi" is Sanskrit for "treasure." Section 406 of the Companies Act of 2013 and the Nidhi Regulations of 2014 govern it. One of the several NBFCs is the Nidhi Company. As a Nidhi firm falls within the exempted category, however, no RBI clearance is needed to form one. In India, Nidhi Companies were established to encourage its members to practice frugal living and conserving money. Nidhi firms are permitted to lend to and borrow from its members. As a result, only members of the Nidhi firm may donate money to it (shareholders). As compared to the banking industry, nidhi firms are tiny and are mostly used to encourage saving among a group of individuals. The Nidhi Companies are legally recognized limited companies that accept deposits from and lend to their members. Although a Nidhi Corporation is comparable to an NBFC, its operations do come under the supervision of the Reserve Bank of India. Nevertheless, the RBI has exempted Nidhi Companies from the basic rules of the RBI and other laws that apply to an NBFC because they Exclusively deal with shareholder-member money.

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