A nidhi company is a type of company in the Indian non-banking finance sector, recognized under section 406 of the Companies Act, 2013.[1] Their core business is borrowing and lending money between their members.[2] They are also known as Permanent Fund, Benefit Funds, Quasi Bank, Mutual Benefit Funds and Mutual Benefit Company. They are regulated by Ministry of Corporate Affairs, which is also empowered to issue directions to them in matters relating to their deposit acceptance activities. However, in recognition of the fact that these companies deal with their shareholder-members only. Nidhi means a company which has been incorporated with the object of developing the habit of thrift and reserve funds amongst its members and also receiving deposits and lending to its members only for their mutual benefit.
Nidhi companies existed even prior to the existence of companies Act 2013. The basic concept of nidhi is "Principle of Mutuality" [3] These companies are more popular in South India, and 80% of Nidhi companies are located in Tamil Nadu.
^[1] Non-Banking Financial Companies
^"Nidhi Company Registration in India | Apply Online | - CAGMC". Goyal Mangal & Company. Retrieved 2022-04-25.
^"What nidhis need". The Hindu Business Line. 2005-08-04. Retrieved 2018-01-02.
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