About N Gramin Nidhi

WHO WE ARE

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.

VISION

To Become the most Trusted, Popular and affordable Financial Service Provider in the State.

MISSION

We will protect and cherish the interests of all our stakeholder by providing transparent customer friendly financial products and solutions through exemplary customer service, By identifying the employees’ talents and developing them through motivation, recognition and rewards,By optimizing the returns to the shareholders ,By enforcing sustainable practices and by displaying respect to individuals and communities, By giving back to the Society through value creation

“Nidhi” is a Hindi word, which means finance or fund. Nidhi means a company which has been incorporated with the object of developing the habit of thrift and reserve funds amongst its members and also receiving deposits and lending to its members only for their mutual benefit.

WHAT IS NIDHI - MUTUAL BENEFIT COMPANY ?

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A Nidhi Company, is one that belongs to the non-banking Indian finance sector and is recognized under section 406 of the Companies Act, 2013. Their core business is borrowing and lending money between their members. They are also known as Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company. They are regulated by Ministry of Corporate Affairs. Reserve Bank of India is empowered to issue directions to them in matters relating to their deposit acceptance activities. However, in recognition of the fact that these companies deal with their shareholder-members only.
Nidhi companies existed even prior to the existence of companies Act 1913. The basic concept of nidhi is "Principle of Mutuality" ("Paraspara Sahayata"). Thus they function for the common benefit advantage of all their members/share holders. Nidhi companies are more popular in South India, and 80% of Nidhi companies are located in Tamil Nadu.