“Nidhi” is a Hindi word, which means finance or fund. Nidhi means a company which has been incorporated exclusively with the object of developing the habit of thrift and reserve funds amongst its members, receiving deposits, and lending to its members only for their mutual benefit. Nidhi Companies are monetary business companies operating in India and can be classified as Non-banking Financial Companies (NBFC) and Banking Companies. However, unlike NBFCs and Banking Companies a Nidhi company does not require a license from the Reserve Bank of India (RBI) to operate. A Nidhi Company works through its members. Any person who is a member of a Nidhi can make deposits and borrow or take loans when need be.

Nidhis are also known as ‘Mutual Benefit Societies’ or ‘Mutual Benefit Companies’, terms given to it by the ‘Sabanyagam Committee on Nidhis’ and the ‘Expert Committee on Nidhi’ to distinguish it from other Co-operative societies and Banks which may engage in a similar kind of activity. The basic function of a Nidhi is to promote the savings and utilization of funds by its members and to safeguard the financial conditions of its members.

Difference between Nidhi Companies and most of the other companies?

Nidhi Companies are NBFCs but they have been exempted from the requirement of registration under Section 45 – IA of the RBI Act, 1934 subject to certain conditions.
Nidhi Companies are regulated by Ministry of Corporate Affairs, Government of India. Companies that do financial business but re regulated by other regulators are given specific exemption by the Reserve Bank from its regulatory requirements for avoiding duality of regulation.
It may also be mentioned that Mortgage Guarantee Companies have been notified as Non-Banking Financial Companies under Section 45 I(9) (iii) of the RBI Act, 1934. Core investment Companies with asset size of less than Rs. 100 crore, and those with asset size of Rs. 100 crore and above but not accessing public funds are exempted from registration with the RBI.

Company Profile

JAN UTKARSH NIDHI LIMITED (License Number U65999MP2020PLN050995) is a Nidhi company. It is incorporated Pursuant to sub-section (2) of section 7 and sub-section (1) of section 8 of the Companies Act, 2013 (18 of 2013) and rule 18 of the Companies (Incorporation) Rules, 2014 with Ministry of Corporate Affairs, Government of India. Registered office is situated at Circle 18, registered No. 334, Maheshwari Complex, Near Navnit Mangal Karyalay, Panchsheel Chowk, Pandhurna MP PIN 480334. The object of the Company is to encourage and afford all facilities for cultivating thrift, saving habits and to render all financial assistance to its member only by receiving long and short term deposits and lend, grant loans to them as are allowed by law for Nidhi or Mutual Benefits Companies.

JAN UTKARSH NIDHI LIMITED is a financial institution, which gives loans or invests under any scheme or arrangement and also can maintain saving accounts for its member hence, it can be termed as Quasi-Bank. The skilled manager of institution, using his abilities, completes the task of financial manager very efficiently i.e. the success of the highest management is possible only with the efficient guidance of financial management. We are proud that the Public Interest Fund is constantly moving forward to satisfy its members and fulfill its objectives.

Further, we are committed to the economic and social progress of all partners in the family. Its main objective is to motivate the savings towards meeting their future needs by becoming members in rural areas and to make economic and social progress by small industries by giving loans on easy terms to make them self-reliant. Our aim is to promote and promote our organization by providing efficient service to our members. The management of the institution conducts business with maximum frugality and the complete concept that the funds belong to the members and all the advisors of the institution perform their duties with dedication towards achieving the objectives of the organization. The management employs all the people working in the organization in the promotion of the interests of the members by providing civilly efficient service according to their best performance. Public interest fund has also given loan to businessmen to increase business. Our aim is to expand my organization smoothly by providing better service to the members of the fund. We wish all our members a Smooth, pleasant and happy future.

Vision

We aspire to become the locally owned, independent community Quasi-Bank of choice for small and medium-sized businesses, professionals, and individuals specifically in rural areas. We will combine steady growth, consistent earnings, and firm control of risk factors to provide safety for our depositors. Our people will be the difference in establishing consistency in earnings and enhanced shareholder value.

Mission

We will be creative Quasi-Bank that respects its customers, cherish their confidence, improves and distributes comprehensive financial services in new ways, and contributes to the country's sustainable development. We endeavor to enable financial inclusion by providing affordable financial services to the under-privileged and socially excluded community, and inculcate the savings habit among the common man through innovative low cost financial products and services using nidhi principles, self-help and mutual aid.

Our Commitment

Our promise to deliver the utmost quality in everything we do includes ensuring that our people, products, philosophy and practices support and advance the best quality of life. We consider it an essential part of our mission to respect our interdependent links with the countless people and communities that make our business possible and profitable, the upstanding industry we serve and play a role in, and the Earth's precious natural resources upon which all our lives, achievements and dreams depend.

Board of Director’s

CS GANESH HEDAU (Chairman)

He is Commerce and Law Graduate and an Associate Member of Institute of Company Secretaries of India (ICSI). He is proprietor of Ganesh Hedau & Co. with head office at Pune and other branch offices at Nagpur and Kolhapur which has been serving corporate industry since last 7 years in the field of Legal, Secretarial, Audit and taxation. He is expertise in corporate laws, Foreign exchange laws, NBFCs and Corporate Compliance Management. He has experience in liasoning with various Banks and Government Authorities.

MR. MAHESH HEDAU (Managing Director)

He holds a bachelor degree in Business Management. He started his initial career with SBI Cards & Payment Services Ltd. Afterwards he started his own financial consultancy in the name of Sunrise Finance Services which is presently one of leading entity at Indore in finance and loan field. Presently, he is having more than 5 years’ rich experience in overall finance sector and has been working with leading national banks, private sector banks and various NBFCs. He is also one of Co-founder of Primesh Enterprises (I) Private Limited dealing in Finance and Corporate Event management Services.

MR. ROSHAN THAKRE (Chief Executive Officer)

Mr. Roshan Thakre is science graduate and has been working in banking sector since last 4 years. He is certified business correspondents and facilitators by Indian Institute Banking & Finance. He is also engaged in KIOSK Banking Services with Allahabad Bank and Union Bank of India.

MR. JITENDRA KAKDE (Director – Finance Head)

Mr. Jitendra Kakde holds a bachelor degree in commerce field. He is one of leading young entrepreneur having good network in business class people since last 12 years. He earned rich past experience which make him strong personality having deep sense of knowledge in local businesses and its related market

MR. PRITAM DETHE (Director – Branding and Promotion Head)

Mr. Pritam Dethe holds a master degree in Business Management. He started his career corporate event management sector. He is Co-founder of Primesh Enterprises (I) Private Limited dealing in Finance and Corporate Event management Services at Indore. He is having rich experience in corporate branding and promotion of business specially finance company.