“Nidhi Company Award and Summit 2019” with the theme “Future of Nidhi Company” seeks to provide a platform for industry stakeholders to work out a road map for unleashing the true potential of the sector. The discussions at the forum would focus on the ongoing changes including the evolution in the Finance Industry, Consumer values, Technological disruptions, Digitization etc... with a view to understand the influence of these developments on business and explore the need for operations excellence; new products and a pool of next gen leaders to sustain high growth in the present changing financial environment. Transformation is the main focus of the Nidhi Company in India. With evolving & demanding needs of customers, insurers have been deriving growth mainly through improvising on product offerings as per people’s aspirations, adopting vibrant distribution channels and reaching out to potential customers through targeted promotional activities. Growing middle class, expanding working age population and increasing disposable income levels in the country are some of the factors that are expected to propel the growth of the industry in coming years. Moreover, government of India’s initiatives towards attaining financial inclusion and accommodating regulatory regime will further offer necessary support to this growth
The word ‘Nidhi’ is taken from the Hindi language that verbally means finance. Nidhi Company in India is incorporated with an aim to develop the habit of providence and reserve funds amongst its former members. In a Nidhi company, funds are collected and loans are provided between the company members for their mutual benefits. In this article, we will discuss about the number of directors required in Nidhi Company along with the documents required for Nidhi Company Registration in India. A Nidhi Company is known to belong to a Non-Banking Financial Company (NBFC) that is registered under the section 406 of Companies Act, 2013. They are also recognized by the names like Benefit Funds, Permanent Funds and Mutual benefits Company. Their core principle is to borrow and lend money amongst its company’s members. These companies are governed and regulated by the Ministry of Corporate Affairs and are free from the Reserve Bank of India approvals for the registration process.
