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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 created mainly for cultivating the habit of thrift and savings amongst its members. The Companies doing Nidhi business, viz. borrowing from members and lending to members only, are known under different names such as Nidhi, Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company.
In the context of Hindu scriptures, Nidhi, that is, a treasure, constituted of nine treasures (nawanidhi) belonging to Kubera (also spelt as Kuvera), the god of wealth. According to the tradition, each Nidhi is personified as having a guardian spirit, and some tantrikas worship them.
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