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FAQ - Bundelkhand Vikas Nidhi Limited
Bundelkhand Vikas Nidhi Ltd. was registered on 6 June 2017 by the Office of the Ministry of Corporate Affairs, Goverment of India. Reg. No. : U65999MP2017PLC043475.
It is having financial exchange / transaction arrangements and its management within the society members in accordance with the provisions of Section 406 of Companies Act 2013 and Companies (Nidhi Companies) Rules, 2014 governs The Law and Procedure for Nidhi Company..
It has been formed with an objective of providing socio-economic, financial security and leading to live with a quality life to all its members. The organization has adopted a co-operative approach in order to involve every member in our mission with a spirit of cooperation and mutual confidence. The Bundelkhand Vikas Nidhi Ltd has instituted a working culture, which revolves around efficiency, transparency, professionalism, teamwork and flexibility.
• How does the Company utilize the funds/deposits procured by it?
The Company uses the funds in lending to the members and investments as per the Nidhi Act 2013/rules/by-laws. Our lending is in the shape of small loans for business, Micro Finance.
• Are the deposits with the Nidhi safe & secured?
Yes, because Government of India/Ministry of Corporate Affairs/RBI has framed the laws/rules to ensure the security and safety of deposits and Nidhi companies must strictly abide by the rules and regulations framed by the Central Government.
• Who Can Depost/Invest/Loan in Nidhi Company?
Only Shareholders/Members of the Bundelkhand Vikas Nidhi who have a membership ID, can invest in the scheme. To be a member, you must be 18-years and above as per age proof and must be a citizen of India.
• What is the difference between Bundelkhand Vikas Nidhi and Other Finance Companies?
Bundelkhand Vikas Nidhi Ltd. is registered under Ministry of Corporate Affairs, Govt Of India and follows rules. The company is not a personal institution owned by an individual but is a fully democratic organization managed by Board of Directors who are elected by the members of the society in the Annual General Meetings and the Board of Directors also takes decisions in a collective manner with total transparency. The department of Ministry Of Corporate Affairs constantly reviews the functioning of the society at regular intervals. Finance companies are usually owned by individuals and frame the policies according to choice of the owners to maximize returns. The general members/ depositors/ Investors have no role to play. There are some possibilities for the absence of transparency. Members/ Investors have virtually no knowledge of the affairs/ legal provisions of N.B.F.Cs/other financial institutions and the statutory liabilities of the institutions are also limited. Bundelkhand Vikas Nidhi Ltd. completely lives to its legal liabilities and answerable to its members through its elected members of the Board of Directors. Books of accounts of Bundelkhand Vikas Nidhi Ltd. subject matter of Statutory Audit and the Audited Accounts are submitted to government of India for review and further action, at regular intervals during a year. When you invest your money in Bundelkhand Vikas Nidhi Ltd. you are not only an investor you are a member and family of the society.