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.They are also known as Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company. They are regulated by Ministry of Corporate Affairs. Reserve Bank of India is empowered to issue directions to them in matters relating to their deposit acceptance activities.
The vision of Piggy Bank Limited is “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 society is to create self sufficient sustainable ecosystem of members through co-operation. The Company 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 co-operative principles, self-help and mutual aid.
The Company is authorized by its laws to accept deposits from its members under different schemes, from Savings account to term deposits like Daily Deposit, Monthly Deposit and fixed Deposits. The deposit schemes are designed to deliver maximum value to its members, offering attractive rate of interest alongwith other benefits.
