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SHM Finance Nidhi Limited being a company registered under the Companies Act 2013, it automatically comes under the supervision of the MCA. Also being registered under the Company Act 2013 Chachyot Nidhi Limited.

Main objective 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 in particular recurring ,fixed and other deposits, not being current accounts from the members as are allowed by law for Nidhi 01 Mutual Benefits Companies, and to grant loans to the members only as against securities of immovable properties (within City) and or on the security of deposits, movable such as gold, silver, jewellery, National Saving Certificates Scheme, insurance policies and other Government securities up on such terms and condition as may from time to time prescribed in law for Nidhi or Mutual Benefits Companies.

SHM Finance Nidhi Limited has the rules and objectives of that are the same as a bank, but it is only in effect to someone (a members group) who has agreed or joined this agreement, as a bank, but to do business for the Its Member only. So if the term is a quasi-bank, i think that the rules and objectives of that are the same like the commercial bank, but this thing are only in effect to someone (a members group) who has agree/join on this agreement.

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