MAIN OBJECTIVES OF NIDHI COMPANY

1.      To enable, encourage members to save money, by cultivating the habit of thrift and provide facilities for this purpose.

2.      To receive money by way of Fixed, Recurring and saving Deposits from members of the Company only as are allowed by Law and the company will carry out the businesses as per the rules prescribed for Nidhi /Mutual Benefit Company. However, the Company shall not operate any current account and shall not do banking business, as defined in Banking Regulation Act, 1949, and shall not do any Chit Fund Business. The Company shall also not carry on business of dealing in shares and debentures, insurance business and hire purchase business.

3.      To receive, accept or collect Savings or Deposit money from its members of all categories as deposit i.e. Saving Deposit account , Fixed Deposit (F.D), Recurring Deposit (R.D), Monthly Income Scheme ( MIS),Term Deposit (T.D), Saving account, under various savings schemes will be formulation from time to time by the company will provide as such Interest or benefit on the Deposit whatever is fit for and beneficial to the company and to the members as per the rules & regulation or guideline of Reserve Bank of India(RBI), Ministry of Corporate Affairs and Regulatory Authority on NIDHI.

4.      To lend, grant individual personal loans, Joint Liability Group Loans, Self Help Group Loans, only  to the members or shareholders as against securities of immovable properties and or on the security of deposits, movables such as gold, silver, jewellery, Kisan Vikas Patra, National saving Certificates, Life Insurance Policy and to provide all kinds of micro finance services on behalf of personal credit and member as a guarantor and any other scheme or loan to its members as  may from time to time prescribed in law for Mutual Benefit / Nidhi Companies.

5.      To restrict the business specifically to its members only and to have transaction only with the members.