A Nidhi Company is a type of non-banking financial institution in India regulated by the Companies Act, 1956. It operates as a mutual benefit society and engages in borrowing and lending money exclusively among its members. Nidhi companies can collect deposits through fixed deposits, recurring deposits, and savings accounts, while offering loans for personal, property, jewelry, and other purposes. They promote thriftiness and financial independence among members. Nidhi companies are popular in South India, and their operations are limited to localized single office institutions. They must adhere to guidelines set by the Reserve Bank of India and are not allowed to offer plans with loans or deposits exceeding five years. To register a Nidhi company, at least 200 members are required in the first year, with the possibility of seeking an extension if this minimum is not met. #nidhicompanyregistration
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