FAQs

FREQUENTLY ASKED QUESTIONS (FAQs)


What is Thainadu Nidhi Ltd ? Could you tell us in detail about this company?

Thainadu Nidhi Limited is a nidhi company registered with the government of india, ministry of corporate affairs with its registered and corporate office at no.92, first floor, rathinasabapathy street, k.k. pudur, saibaba colony, coimbatore, tamilnadu . we at Thainadu Nidhi Limited stimulate the mutual growth of our members throuh trust and responsibilty and in this process we accept deposits from our members / shareholders within the stipulated norms issued by the ministry of corporate affairs, the funds mobilized are utilized to a great extent for advancing of gold loans, property loans, kishan vikas patra, national saving certificate schemes, life insurance policies (lic) & other government securities. Thus the funds are fully secured and therefore the investment with us is in very safer havens. We believe that the success of business comes from each individual’s creativity and team work.

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


What is the Vision & Mission of this company ?

The vision of Thainadu Nidhi Limited “public prosperity” by offering financial services to all groups of people and offering equal opportunity to all, to live an improved life by financial enablement and empowerment. the mission of the nidhi is to create self sufficient sustainable ecosystem of members through co-operation. the nidhi is 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. the world is changing all around us to continue.


Who is the founder and his background ?

Mr.Prasanth Uthaman is the Founder and CEO of TNL, an educationalist, technology savvy, human resources specialist with more than 8 years of impeccable professional career, he is specialised in Financial Industry, Project Funding and Micro Finance. He is a visionary with original ideas about what the future will or could be like in the financial market. His vision is to provide adequate information and knowledge on financial products even to the common man with innovative strategy and techniques. Some of his achievements include opening and setting up new branches around South India and making the centres into profit mode. Had stint with prominent Banks in India and also worked as a Director in a Reputed Educational Institution in Coimbatore, Tamilnadu, India.

His versatile experience is an asset to Thainadu Group.

THAINADU has well experienced, committed and qualified professionals in various facets of the financial landscape to provide unmatched services to its diverse clientele. The team is being strengthened to lend support to the new areas into which THAINADU is embarking.


What are all the advanced computerisation facilities available for customer convenience in Thainadu Nidhi Ltd ?


  • Online Fund Transfer Facility
  • SMS Gateway Facility
  • Dedicated & Personalised Customer Service through Nidhi Software
  • Getting a Jewel Loan & taking back a Jewel will be done through computer processing in just 5 minutes
  • Centralized Back Office
  • Hassle Free Online Transaction
  • Mobile App based Transaction
  • Mobile Spot Collection

  • What are all the advantages in joining as a member with the Thainadu Nidhi Ltd. ?


    Joining as the Member with the BEST -Stay ahead of the REST


  • The rate of interest for loans are very low while comparing to NBFC’s, Small Finance
  • Bank & Private Sector Banks.
  • Robust / Innovative Technology
  • Computerised Transaction
  • Minimum documentation and quick disbursal of Loan
  • Simplified Paper Work

  • Whether safety for our deposits assured ?

    Yes. Deposits are backed by solvency margin stipulated as per RBI and by Ministry of Corporate Affairs.


    Whether Thainadu Nidhi Ltd. is a member in the Chamber of Nidhis ?

    Yes. Thainadu Nidhi Limited is a member in the Chamber of Nidhi’s.


    Who can become a member of a Nidhi Company?

    Any person can deposit, lend or borrow money through the provisions provided by Companies Act, 2013. They can all become members of the Nidhi provided they are not a corporation or a company.


    2. Can any person other than the members deposit funds or transfer it to the general fund of the Nidhi Company?

    No. only the members are allowed to deposit, borrow or lend funds.


    What is Nidhi Limited?

    A nidhi company, is one that belongs to the non-banking Indian finance sector and is recognized under section 406 of the Companies Act, 2013. Their core business is borrowing and lending money between their members.

    A Nidhi company is different from a regular finance investment company or a non-banking financial company (NBFC), as it deals only with its members or shareholders, for the main purpose of mutual benefits of its all members. A nidhi company accepts deposits only from its members, and lends funds only to them on demand. Again, a Nidhi company is not entitled to carry out businesses / activities related with hire purchase financing, insurance, leasing finance, chit funds, acquisition of securities issued by any corporate body, etc., or issue any debt instruments (such as preference shares, debentures, etc.,) in any form.


    What are the exclusive advantages offered by a Nidhi company?

    The following are three main and exclusive advantages offered by a nidhi company in India:

    • Secured investments are guaranteed by such a Nidhi Company.This is a single office institution governed exclusively by its members, with no external involvelment.
    • Secured investments are guaranteed by such a Nidhi Company.This is immensely helpful to people with the middle to lower financial status, by virtue of providing loans at reasonable rates, with the minimum documentation and formalities.
    • Secured investments are guaranteed by such a Nidhi Company.Secured investments are guaranteed by such a Nidhi Company.

    WHAT IS A ‘NIDHI COMPANY’?

    There are many kinds of financial institutions. Those known as Non Banking Finance Companies (NBFCs) are duly registered with the Reserve Bank of India. Then, there are Chit Fund Companies doing chit business. Besides, there may be also unincorporated private Finance Companies. In this scenario, there is a unique kind of Financial Institution called ‘ Nidhi’ which is duly approved by the Government of India, Ministry of Corporate Affairs.

    These are entirely different from other Financial companies in their basic concepts and objective. They are also called Benefit Funds and Permanent Funds.

    A few of them are age old companies having been establishes over 125 years ago. In fact they are older than any of the scheduled Commercial Banks in India.

    They were set up by a group of public spirited and philanthropic individuals in a town or locality for serving the local residents. This was a move to save people from the clutches of money lenders who charged high rate of interest.

    Now there are as many as 333 ‘Nidhi’ Companies in India which are duly approved by the Central Government under 620A of the Companies Act. Incidentally, about 80% of them are functioning in Tamilnadu itself.

    The basic concept of ‘Nidhi’ is the ‘Priciple of Mutuality’. These Nidhis function for the mutual benefit of their members. Nidhis transact only with their members/share holders. Shares of nominal value of Rs.10/- each are issued for this purpose. Thus it is within the reach of common man. Those who wish to deposit their savings in the Nidhi have to acquire shares worth at least Rs.100/-. The shares can be bought from the office of the Nidhi Company. They can neither be traded in the stock exchange or nor sold in the market.

    Generally, those who deal with Nidhi Companies are resident of that locality and hence these institutions are really to serve the local residents.

    Nidhis extend two kinds of service namely accepting Deposits and lending. These Nidhis encourage its members to save money and the deposits so mobilized are used to lend to its own members at a reasonable rate of interest. Rate of interest paid to depositors is slightly higher than the prevailing bank deposit interest rate.

    Each loan granted is fully secured as it is backed by Gold Jewels or Immovable house property or its own deposit receipt. Hence depositors’ money is fully secured. Apart from the two functions, Nidhis do not deal with Chit Fund, leasing, Hire purchase finance etc.

    Nidhis generally do not borrow from the banks. On the contrary, they deposit with the Banks 10% of their total deposits as a measure of statutory liquidity as per Government Norms. This again further safeguards the interest of the Depositors.

    The successive committees appointed by the Central Government, namely Justice Shri A.V.Viswanatha Sastry Committee (1960), Banking Commission (1972), Shri James Raj Committee (1975), Prof. Sukhamoy Chakraborthy Committee (1987), Dr.A.C.Shah Committee (1992), Shri P. Sabhanayagam Committee (2000) and Shri A.R.Rao Committee (2001 & 2005) have favourably commented on the usefulness of Nidhis to the society in general and common people in particular. They have all lauded the concept of mutuality of Nidhis.

    In order to ensure that this noble concept is kept alive and to help the Nidhi Companies to serve their members better and better, in keeping with the Norms, the Chamber of Nidhis have been striving hard for the past twenty five years.


    How is a Nidhi company Governed in India?

    The rules, provisions, and regulations given in the Section 406 of the Companies Act of 2013, and in the Companies Act of 2013, and in the Companies (Nidhi Companies) Rules of 2014, govern and regulate all nidhi companies in entire India. Again, though the activities of the nidhi companies fall under the ambit of RBI Directives which govern activities of NBFCs and other institutions dealing with financing and investments, RBI offers certain exemptions to the nidhi companies based on the fact that these nidhi companies deal only with its members, and with no outside people or investors.