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"To carry on the business of all kind and description as may be prescribed to be carried by nidhi Companies in terms of the provisions of the Companies Act 2013 and rules made there under and to encourage and afford all facilities for cultivating thrift, saving habits to make their Business Capitals for Income Resource and to render all Financial Assistance to its Members only to receive, accept or collect savings or money from its members of all categories as deposits."
Fixed deposits (FD), Recurring Deposits (R.D), Monthly Installment Scheme (MIS), Term Deposit (T.D) under various schemes formulated from time to time by the company and to provide interest or benefit on the deposits, as is fit for and beneficial to the company and to the members as per the rules & regulations or guidelines of Reserve Bank of India (RBI), Ministry of Corporate Affairs, and regulatory authority on NBFC or Nidhi.
The vision is “Public Property” by offering financial service to all groups of people & offering an equal opportunity to all, to live an improved life by financial enablement & empowerment. The mission of the society is to create a self-sufficient sustainable ecosystem member through cooperation. Society is to enable financial inclusion by providing affordable financial service to the underprivileged social excluded community, & inculcate the saving habit. The society is authorized by its law to accept deposits from its members under different schemes from saving account to term deposit like Daily Deposit, Monthly Deposit and Fixed Deposit.
A nidhi company notified under section 620-A of the Companies Act is classified at present as "Mutual Benefit Financial Company" by RBI and regulated by the Bank for its deposit taking activities and by DCA for its operational matters as also the deployment of funds. These Companies enjoy exemption from core provisions of the RBI Act viz. requirement of registration, maintenance of liquid assets and creation of reserve fund, and RBI Directions except those relating to interest rate on deposits, prohibition from paying brokerage on deposits, ban on advertisements and the requirement of submission of certain Returns.
Such companies, however, are allowed to deal with their shareholders only, for the purpose of accepting deposits and making loans. There are a number of companies functioning on the lines of nidhi companies but not yet notified by DCA. As RBI Directions to classify them as loan companies disallowed them the special dispensation available to Notified nidhi companies. Bank and the Government received representations from a large number of such companies and their associations. The Government decided to give them a special dispensation and notified that applications of companies incorporated on or before January 9, 1997 shall be considered for notifying as nidhi Company under section 620-A of the Companies Act, 1956 only if they have minimum NOF of Rs.20 lakh or more.
These companies shall be required to have net owned fund of Rs.25 lakh by December 31, 2002 like companies already declared as nidhis. The Government has also clarified that NOF shall have the same meaning as assigned to it in the RBI Act, 1934. Thus a new class of companies has been created i.e. the potential nidhi companies. To distinguish them from the notified nidhi companies (Mutual Benefit Financial Companies), the term Mutual Benefit Companies (MBC) is being used.
