A Nidhi company falls under the category of non-banking finance sector firms. The Central Government looks into the administration of Nidhi Companies. Reserve Bank of India (RBI) authorizes the Nidhi Company to give directions or orders regarding the matters of acceptance of deposits. The rudimentary business of Nidhi Company is to empower lending money between the members of the company. MCA also regulates the same.
- Nurturing the habit of saving a money.
- Lending money to and receiving deposits from its members only, for their common benefit.
Overview of Nidhi company software
- Software for Nidhi Company provides finest and customized tool for managing all types of business activity within the company.
- Software development for Nidhi Company is online web-based and provide integrated application with core banking system designed.
- Software provides very comprehensive and simplified portions, with which the company can handle its accounting policies.
- Software development will automate the business operation, making the organizational decision more effective and responsive.
- This will also reduce the hours to perform day to day and administrative tasks.
- The software will constantly monitor and will keep updated as per the new innovations in technology and customer’s need.
Features of Nidhi Company Software
- Multi-user Online web-based software with access to different branch for banking application
- User-friendly and functional with user drivers operations
- Easy availability of said reports format
- Data export facility from software to various other formats such as Ms. Word. Ms excels. Customized and user-defined reports
- Reports can be viewed on the screen and can be printed.
- Membership Management, Operational Accounts, Term Deposits management tool
- Loans and Advances detail, Standing Instructions, Cash Transaction of entity can be easily obtained
- Trial Balance, General Ledger accounts & Financial Statements is readily available
- M.I.S, Initialization, and configuration
- System Administration, Enrolment Fee Report can be viewed
- Application Fee Report, Late Fee Report
- Modular design with proper integration to ensure trouble-free operations without undue complications.
- Optimum security of operations which is very essential for financial transactions.
- Comprehensiveness in coverage - a feature absolutely necessary to meet all requirements.
- User-friendliness which ensures hassle-free usage.
- High flexibility with expandability and upgradability. The software is used by societies and can be easily expanded to cover more activities whenever required.
- Control over operations with inbuilt checks and balances, authorization procedures, etc.
- Elimination of scope for tampering of data.
- The system is designed to work for network environment to access the information & update the data by different users simultaneously.
- The software has a capacity to handle high volumes of transactions without any difficulty.