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Monetary Business Companies in India can be classified as Non Banking Financial Companies and Banking Companies.
Nidhi Companies comes in the ambit of NBFC.
Section 406 of Companies Act 2013 and Companies (Nidhi Companies) Rules, 2014 govern Nidhi Companies.
It is incorporated with following objectives:
to promote savings among its member
To lend Loans and receive money for the purpose from its members.
Since Nidhis come under NBFCs, the RBI is empowered to issue directions to them in matters relating to their deposit acceptance activities. However, since Nidhis deal with their shareholder-members only, RBI has exempted such notified firms from the core provisions of the RBI Act and other directions applicable to NBFCs.
Requirements for Nidhi Company
1. A Nidhi company has to be a public company;
2. It must have a minimum paid up equity share capital of Rs.5,00,000/-;
3. no issuances of preference shares.
4. The objective of such a firm would be to imbibe in the members a habit of thrift and saving and the services would only be restricted to its members;
5. The name must have Nidhi Limited
Requirements after Incorporation
Every Nidhi shall, within a period of one year from the commencement of these rules, ensure that it has a minimum membership of 200 people.
It must also ensure that net owned funds are Rs. 10,00,000/- or more
Nidhi Company can not Carry on the following business
a. Chit Fund,
b. Hire Purchase Finance.
c. Leasing Finance.
