Shreenath Bullion

Tarakki Aapka, Saath Hamara

SUVARN SHREENATH NIDHI LIMITED. is a Non Banking Financial Company (A Public Company) which duly approved by the Government of India, Ministry of Corporate Affairs. “Nidhi is a company formed with the exclusive object of cultivating the habit of thrift, savings and functioning for the mutual benefit of members by receiving deposits only from individuals enrolled as members and by lending only to individuals, also enrolled as members” -Section 406, Companies Act, 2013 & Companies Rules 2014. Nidhi Company are registered or formed for the benefit for its members only, who is not the member of the Nidhi Company is not allowed to deposit any money or doing any kind of business with the concerned Nidhi Company.

Since Nidhi Companies come under the one class of NBFCs, RBI is empowered to issue directions to Nidhi Companies in matters relating to their deposit acceptance activates. However, in recognition of the fact that these Nidhi Companies deal with their shareholders or members onlt, RBI Act exempted the notified Companies from the core provisions of the RBI Act and other directions applicable to NBFCs.