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NIDHI COMPANY

  • IASbaba
  • March 13, 2020
  • 0
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NIDHI COMPANY

Part of: GS Prelims and GS-III- Economy

In News:

  • The government has given up to one-year time for Nidhi companies to update their details as per the updated rules.
  • A Nidhi company is a type of company in the Indian non-banking finance sector, recognized under section 406 of the Companies Act, 2013
  • Their core business is borrowing and lending money between their members.
  • They are regulated by Ministry of Corporate Affairs
  • They have to comply with two set of norms, one of Public limited company as per Companies Act, 2013 and another is for Nidhi rules, 2014. 

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