“SAMARTHA NIDHI Limited” registered under Companies Act 2013 and notified Nidhi Rule 2014, as a Nidhi company by Central Government under Section 406 of Companies Act.
It is a non-banking finance company doing the business of lending and borrowing with its members or shareholders.
Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Government for regulation of such class of companies.
Nidhi’s are more popular in India and are highly localized single office institutions. They are mutual benefit societies, because their dealings are restricted only to the members; and membership is limited to individuals. The principal source of funds is the contribution from the members. The loans are given to the members at relatively reasonable rates and are generally secured.