Katwa is a small town beside the Ganga River. Katwa is situated in the east part of Purba Bardhaman and bounded by water to the east, west and north by the Ganga River. Here the Ajay river and Ganga (Hooghly) river are joined. The place was famous for the Shree Chaitanya Mahaprabhu, khepakali mandir, Ganga river and the very old mosque present in bagane para. Katwa police station has jurisdiction over the Katwa and Dainhat municipalities, and Katwa I and Katwa II CD Blocks. the total population near about 87 thousand, the entire population divided into two parts, firstly 88.44 per cent people are live in a rural area and secondly the rest 11.56 per cent people are live in an urban area. So a large number of people engaged in farming and fishing.
The small town has a historical background of five hundred years. The Katwa has previously known as Indranee Pargana. Later the name was changed to Kantak Nagari. Sri Chaitanya Mahaprabhu received "Diksha" from his guru Kesava Bharati at the current Sri Gauranga Bari Temple In January 1510. Since then, this small township has been a holy place for Vaishnavites.
Katwa was considered the gateway to Murshidabad, the erstwhile capital of Nawab Murshid Quli Khan. Under the aegis of the British East India Company. Present Katwa town was established in 1850 when it was granted the status of a subdivisional town under the 10th Act of Municipal Rules. The Municipality of Katwa as a governing entity was established on 1 April 1869. The urbanization of Katwa received a further boost with the construction of railroads in the early 20th century: Katwa-Azimganj, Katwa-Bandel, Katwa-Bardhaman, Katwa-Ahmedpur.
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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