NIDHI COMPANY SOTWARE
The software from Nidhi is made to assist companies in managing their finances, keeping track of their performance, and expanding their operations. The software from Nidhi is user-friendly and is accessible on both desktop and mobile devices. The software from Nidhi is inexpensive and simple to use, making it a fantastic option for companies of all sizes. Our specially designed Nidhi software will enable you to concentrate on your marketing and customer management activities while expediting your work and reducing the number of hours needed to accomplish time-consuming management and organisational tasks.
FEATURES OF NIDHI COMPANY SOFTWARE
NET-BANKING
Internet banking is the term used to describe financial transactions conducted online. Online banking services are offered by almost all banks. You may control your debit and credit cards, check your account balances, and transfer funds through net banking. It is a time-saving tool that is available 365 days a year. We provide you the top-notch, most convenient net banking services.
BUSINESS REPORTS
A business report is a compilation of data and analyses that makes it simple for a corporation to acquire crucial information. There are many different forms for business reports. In our multistate credit cooperative society software, we give you the precise business reports that will support your future business decisions.
AADHAAR VERIFIATION
The process known as “Aadhaar Authentication” entails providing a person’s Aadhaar number, along with demographic or biometric information, to UIDAI’s Central Identities Data Repository (CIDR) for verification. UIDAI then confirms the accuracy of the provided information—or lack thereof—using the data at its disposal. You will also have access to this capability in our multistate cooperative society, which allows you to quickly authenticate an Aadhar.
ONLINE TRANSFER
Online money transfers combine the conventional idea of wiring money with cutting-edge electronic funds transfer, or EFT, technology. You probably use EFT frequently, which is a purely electronic way to transfer money from one bank account to another. Only data is transferred; paper money is not. This function of our programme allows you to save a great deal of time and cut down on unnecessary paperwork.
SMS MANAGEMENT
SMS and paging are similar. Contrarily, SMS messages do not rely on the phone being in range or active and will be retained for a period of days. All of the crucial notifications are delivered to you via our SMS management system as brief texts.
E-MAIL MANAGEMENT
Email management is a methodical strategy to improve email operations’ efficacy and reduce the potential negative effects that handling emails may have on a person’s performance and sense of job satisfaction.
E-NACH
E-NACH is the abbreviation for Electronic National Automated Clearing House. All subsequent payments won’t require your assistance once you’ve verified the mandate using your Net Banking credentials or a debit card once.
QR CODE / UPI
Customers can pay by scanning a QR Code from any UPI-connected mobile app more easily at the place of business thanks to a digital payment acceptance channel called UPI QR (Scan & Pay).
DEPOSIT MANAGEMENT
A complete banking system called Deposit Management automates and streamlines simple to complicated deposit procedures in financial organisations. The solution allows users the freedom to customise the features of different deposit product offerings as well as the way the system works.
MODULES OF NIDHI COMPANY SOFTWARE
SAVINGS ACCOUNT
A savings account is the most common type of account chosen when opening a banking relationship. A savings account’s main goal is to encourage prudent money management and the habit of saving.
MIS ACCOUNTS
The most common word for this computer-based system is MIS, or management information system. The company, in particular the managers, can benefit greatly from MIS in terms of the organisation and evaluation of information and data as well as the timely and efficient distribution of information.
LOAN MANAGEMENT
BRANCH MANAGEMENT
An individual who manages a bank or other financial institution’s branch’s operations is known as a branch manager. we provide you all the services related to branch management.
SHARE HOLDING
Any person, organisation, or company that holds stock in a certain company is regarded as a shareholder. A shareholder must own at least one share of the company’s stock or mutual fund to be regarded as a partial owner.
AGENT MANAGEMENT
Use the Agent Management Services to monitor the availability of the agents and initiate automatic action. if a representative gets sick or leaves suddenly.
CUSTOMER MANAGEMENT
The practise of controlling how a company’s clients, staff, and other stakeholders interact through time is known as customer management. It’s crucial for firms to match their consumer attitude if they want to succeed in the long run.
LOAN AGAINST DEPOSIT
Customers can take out a loan against their fixed deposit, which is a form of secured loan, using their fixed deposit as collateral. The amount of the loan is based on the amount of the FD deposit. This could be between 90% and 95% of the original deposit.
ACCOUNTING MANAGEMENT
Financial accounting is the process of gathering information and reporting it to the many stakeholders of a business. Management accounting, on the other hand, displays financial information and business activities for internal management of the company.
HR MANAGEMENT
Human resource management, or HRM, is the area of a commercial business that deals with employing, managing, and terminating employees. How employees contribute to the operation of the business is highly valued by HRM.
ADMIN PANEL
A popular admin dashboard design that may be used for financial, reporting, CRM, or any company is the Bank Financial Dashboard UI Kit. It has a wonderful layout design and concentrated UI elements.
POS MACHINE
A POS machine is the most advanced payment processing equipment. It accepts all significant credit and debit cards, keeps track of transactions, and prints receipts. The point-of-sale systems have advanced over time and are now more sophisticated and user-friendly.
CSP ( CUSTOMER SERVICE POINT )
Any company that the customer contracts to handle services associated with any System component is considered a Customer Service Provider. We promise to give you the finest customer service possible.
MEMBERSHIP MANAGEMENT
To centralise administrative and communication activities, membership organisations can employ software made for them.
CLIENTS TESTIMONIALS
FAQ's
A Nidhi Company is a Company which carries on the business of accepting deposits and lending the same on demand. Nidhi Company is similar to NBFC but the only basic difference between the two is that Nidhi Companies accept deposits only from its members. The main aim of these companies is to work for the mutual benefit of its members. These companies are not entitled to carry on the business of Hire Purchase Financing, Insurance, Chit Funds and Acquisition of securities or Issue of any Debt Instruments.
A minimum of three directors and seven shareholders are needed for incorporating a Nidhi Company.
No, a minor is not allowed to become director of a Nidhi Company. Only a person who is a minimum of 18 years old can become the Director of a Nidhi Company.
No, there is no upper limit prescribed for the maximum number of members. However, it is mandatory for a Nidhi Company must have a minimum of two hundred members by the end of the 1st financial year.
No, all the financial transactions have to be made only between the shareholders of the company.
No, Nidhi Company is not allowed to do microfinance business in India. These are because micro finance is a completely different set of business for an NBFC and require more capital to do the same. Hence, Nidhi Company cannot engage itself into micro finance business. Further, since Nidhi Company raise fund from deposits and hence, if it passes the same to member without any security, then there will be great chances of customer default which will ultimately results into bankruptcy of the Nidhi Company.
A Nidhi Company can open up to 3 branches after three years of continuous profit running of the business. Further, these three branches can be opened within the district only. Further, to open any branch outside the district, you will require the Regional Director (RD) permission. Also, a Nidhi Company cannot open a branch outside the state.
Yes, the Deposits with such companies are safe and secure because the Ministry of Corporate Affairs and Reserve Bank of India has framed rules and regulations to ensure the safety and security of Deposits. And the Nidhi Company compulsorily abide by the rules of Central Government.
Any person who is above 18 years of age as per the standard age proof can become a member of the Nidhi Companies. The person desirous of becoming a member should have valid ID Proof and Address Proof.
Nidhi can provide loans to its members only after the members have given/ provided some securities like gold, silver jewelry or any type of financial securities against the loan.
Yes, it is necessary to use the word “Nidhi Limited” in the name of the company. However, the term “Mutual Benefit” can also be used.
The regulations passed by the Ministry of Corporate Affairs and the provision of Nidhi Rules, 2014 act as the regulating authority for Nidhi Company.
A Certificate of Incorporation has lifetime validity, or till the time the company’s name is not struck off by the ROC (Registrar of Companies).
No, Nidhi Company is not qualified to issue unsecured loans. However, it can issue Secured Loans to its shareholders or members.
No, a person cannot borrow again from the Nidhi Company if he has earlier defaulted in a loan.
No, a Nidhi Company is not allowed to operate outside the state in which it is registered.
No, the profits earned from a Nidhi Company cannot be invested in any other business.
A minimum of 6 months and a maximum of 60 months period is prescribed for fixed deposits in a Nidhi Company.
A Nidhi Company can accept deposits only from its Registered Members.
A minimum of 12 months and a maximum of 60 months period is prescribed for recurring deposits in a Nidhi Company.
No, Nidhi Companies are exempted from the core NBFC provisions of the Reserve Bank of India.
A Nidhi Company is not regulated and governed by the provisions of RBI. Moreover, Nidhi Company Registration requires a much smaller amount of capital than Rs 2 Crore paid-up capital requirement for NBFCs.
A Nidhi Company is not regulated and governed by the provisions of RBI. Moreover, Nidhi Company Registration requires a much smaller amount of capital than Rs 2 Crore paid-up capital requirement for NBFCs.
A Nidhi Company is not regulated and governed by the provisions of RBI. Moreover, Nidhi Company Registration requires a much smaller amount of capital than Rs 2 Crore paid-up capital requirement for NBFCs.
No, a Nidhi Company cannot purchase securities and shares from any other organization.
No, a Nidhi Company cannot purchase securities and shares from any other organization.
No, a Nidhi Company is not allowed to carry out any activity other than Lending and Borrowing.
A director of Nidhi Company can hold their office for 10 consecutive years. However, he is eligible for re-appointment only after the expiry of 2 years, starting from the cessation of his term.
Nidhi Company cannot accept deposits exceeding the limit of twenty times its NOF (Net Owned Funds).
A Nidhi Company is allowed to open only three branches within a district. However, to open more than three branches, the said Company is must seek prior approval of the RD (Regional Director) for every additional branch.
A Director is firstly required to be a member of the said Company, and then, he must comply with the requirements prescribed under Section 152(4) of the Companies Act, 2013.
No, a Body Corporate is not allowed to be admitted as a member or shareholder of a Nidhi Company.
A Nidhi company must be incorporated under the provisions of the Companies Act, 2013, and shall acquire the status of a Public Limited Company.
No, such rules have been prescribed banning a salaried person from becoming a director of a Nidhi Company. However, the employment agreement of the said person may place some restrictions on him or herein doing so.
A Nidhi company cannot be converted into NBFC.
No, Nidhi Company cannot give a vehicle loan
A Nidhi Company is a company that carries on the business of accepting deposits and lending the same on demand. Nidhi Company is similar to NBFC, but the only basic difference is that Nidhi Companies accept deposits only from its members.
Nidhi can deal only in secured loans. Thus it can give loans against the securities mentioned in the law.
The term NOF is the acronym form for the Net Owned Funds. Further, NOF or the Net Owned Fund = Aggregate Paid up share capital + Free Reserves – Accumulated losses (Deferred Revenue Expenditure), and Other Intangible Assets appearing in the Last Audited Balance Sheet.
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