“Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Government for regulation of such class of companies. The Central Government may by notification direct any of the provision of this Act shall not apply of shall apply with some exceptions, modifications and adaptation specified in the notification to any Nidhi company. The company has been formed with primary objective being uplifting of the social and financial status of its members by inculcating saving habits amongst them through the spirit of co-operation, and providing technical and financial support. The principal function of the nidhi is to render financial services to its members and to reach the nook and corner of the state through branch expansion where financial facilities have not reached.
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