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.
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.