West Bengal is situated in eastern India and shares its borders with Jharkhand, Bihar, Odisha, Sikkim and Assam. The state also shares international borders with Bangladesh, Bhutan and Nepal. The Bay of Bengal is in the south of the state.
West Bengal is India's sixth largest economy, and recorded a gross state domestic product (GSDP) of US$ 140.56 billion in 2015-16. The state's GSDP expanded at a compound annual growth rate (CAGR) of 10.57 per cent from 2004-05 to 2015-16. Agriculture is the chief occupation in the state and contributed 18.8 per cent to the GSDP in 2014-15. West Bengal is the largest producer of rice in India. Rice production for the state totalled 16.1 million tonnes in FY 2015-16. West Bengal is also the largest fish producing state in India. During 2015-16, the state produced a total of 1.63 million tonnes of fish in comparison with a produce of 1.61 million tonnes during 2014-15. As of June 2016, West Bengal had a total installed power generation capacity of 9,988.4 megawatt (MW).
The city of Kolkata in West Bengal is called the gateway to the northeastern part of India. The city is still the biggest business hub in eastern India. The other cities of West Bengal that are favorable for business activities are Asansol, Durgapur, Siliguri, and Haldia.
This type (class) of the companies come under the Companies Act, 2013 and is regulable as per the Reserve Bank’s guidelines. All the transactions in Nidhi Company occur in between the members only. These companies enjoy relaxations in several exemptions from the core provisions of the Reserve Bank. This is one of the interesting factors that separate the Nidhi companies from other Non-Banking Financial Companies. Ministry of Corporate Affairs (MCA) has laid down the foundation of Nidhi Companies. MCA does not regulate every prospect of these companies. Instead, they only intervene in the matter of relating to their deposit acceptance activities.
Nidhi means a business entity that has been incorporated with an object to develop the habit of saving and procure funds amongst the members for their mutual benefits. These companies are also recognized as Benefits funds, Mutual benefit, permanent fund, and Mutual benefits fund companies.
If you wish to enter the NBFC sector with less investment, then Nidhi Company is the best option for you. A Nidhi Company requires a paid-up equity share capital of 5 lakhs to begin with, whereas an NBFC requires a net worth of Rs 2 crores. Other than low investment, the overall process of Nidhi Company Registration is free from all complexities, and one doesn’t need to attain a license from RBI to incorporate a Nidhi company. Moreover, the documentation process is also quite less, and the registration process gets completed within one or two weeks.
Nidhi Company, by its nature of functioning, falls under the category of NBFC but does not require approval from RBI. Nidhi Companies are governed under the Nidhi Rules, 2014, and have to follow fewer guidelines imposed by RBI. RBI has exempted Nidhi companies from its stringent compliances, which make it easier to run a Nidhi Company in India.
According to Nidhi rules, 2014, a Nidhi Company can accept deposits and provide loans to its members only. This way, the risk of non-repayment of loans is minimized. Since Nidhi Companies are both owned as well as managed by their members only, it reduces the intervention from outsiders and hence reduces the risk of non-repayment of loans.
Nidhi Companies play a very important role in meeting the demands of lower and middle-income society by extending financial support to them without any further involvement of documentation. Additionally, these Companies help their members to channelize their small savings and earn attractive interest on them.
Net owned fund implies the amount of capital that has been spent by the owner in his business to raise funds.
Net Owned Funds = aggregate of paid-up equity share capital+ free reserves - accumulated losses and intangible assets appearing in the last audited balance sheet.
In the case of Nidhi Companies, the ratio of Net Owned Fund is 1:20, which means on investment of 1 rupee, one shall raise a deposit of twenty rupees.
Since Nidhi Companies extends the benefits of deposit and loans to its members only, this makes the entire process of availing loans comparatively less complicated than dealing with the Banks.
Among other benefits of Nidhi Company comes Micro- Banking that it offers. Nidhi Companies offers banking services to the rural and remote public of India, those who are let out of the traditional banking system. Areas situated in far-off locations receive micro banking services through Nidhi companies.
Following are the pre-requisites of Nidhi Company Registration in India:
Nidhi Company offers a lot of advantages to its members, however it is not aloof from certain drawbacks also which are mentioned below.
The financial Markets are very vast in India and the financial needs are also increasing day by day. And here the Nidhi Company sets a new trend in the financial Market. Its benefits are such that a lot of people from all over India are attracted to the idea and now are registering the Nidhi company.
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