becker
CIBIL
coaching

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Nidhi loan and Deposit acceptance


CS Ajit Nimbalkar   26 November 2020

CS Ajit Nimbalkar

 3 points

| My Other Post

can Nidhi company accepts deposit and provide loan to the member other that registered office address or district ?

gameplaysNmore

gameplaysNmore   27 November 2020

gameplaysNmore

 3 likes  96 points

View Profile | My Other Post

Nidhi company is basically formed by members to function as self banking among them. In this company members mutually agree among them to contribute a sum of money. Eventually these money will be given to a needy member in the form of loan with interest on it.

Chirag

Chirag (Professional)     27 November 2020

Chirag
Professional 
 76 likes  897 points

View Profile | My Other Post

No,approval of RD is required first, except no branch can be opened outside registered office state, 3 Branches can be opened, if it has 3 Years Track Record of PAT, else approval of RD is required Refer R. 10 of Nidhi rules

CS Ajit Nimbalkar

CS Ajit Nimbalkar   27 November 2020

CS Ajit Nimbalkar

 3 points

View Profile | My Other Post

It means it can not accept deposit from other district

Chirag

Chirag (Professional)     27 November 2020

Chirag
Professional 
 76 likes  897 points

View Profile | My Other Post

Yes ,Without the approval of RD no branch can be opened outside the district where RO is there,Now if query is in relation to the acceptance of deposit from person from one who is outside the district ,even state and visit the RO of Nidhi company to make deposit then I think it's allowed ,restriction is on Opening of Branch and It's Numbers,Just Like Nidhi Registered in Mumbai ,can't open branch In Pune without specific approval from RD,but anyone who is from Pune and visit to Mumbai and wishes to be member of That NIDHI and do time deposit ,then generally it's not prohibited .So Branch office is in relation to extending operations at particular locality ....More interpretation and views are required on it ...thnx


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Bajaj Finserv

Related Threads


Loading


Trending Tags