Core Banking software for Nidhi Cos.
A Nidhi Company is an early-stage finance business and a type of Non-Banking Financial Company (NBFC). It provides an accessible entry point into the finance sector for young entrepreneurs, with minimal requirements for members and paid-up capital. Nidhi Companies operate under specific restrictions related to geography, number of branches, loan and deposit products, and interest rates. While compliance reporting requirements are minimal, Nidhi Companies must adhere strictly to regulatory ratios, secure loans, specified loan purposes, loan security, and maximum deposit amounts.
TrustBankCBS provides off-the-shelf banking software through an online Software as a Service (SaaS) platform for Nidhi Companies. This SaaS solution ensures zero capital expenditure (capex), minimal recurring costs, and 99.99% uptime with no maintenance required. It enables a rapid business launch, typically within a week from registration. TrustBankCBS for Nidhi Companies comes with pre-configured parameters that comply with regulatory business rules, and we continuously update these parameters to reflect changes in the regulatory environment and business rules.
Solutions:
TrustBankCBS Nidhi Company Solution offers comprehensive end-to-end functionality to automate business processes. The following solutions are fully compliant with regulatory business rules:
- Savings Deposits, Term Deposits, Recurring Deposits: Includes interest rates, maximum allowed deposit amounts, and tenures following regulatory requirements.
- Secured Term Loans, Commercial Vehicle Loans: Tailored to meet regulatory standards.
- Loan Origination includes document management for loans.
- Statutory Compliance Ratios and Reports: Ensures adherence to required financial ratios and reporting standards.
- Members Registration manages member shares and paid-up capital.
- General Ledger Provides financial accounting, financial statements, and comprehensive MIS.
Key Features:
- Browser-based application with secure access around the clock for online operations.
- Light and optimized application with reduced bandwidth requirements.
- Maker-Checker workflow.
- Easy-to-use, user-friendly UI.
- Economical SaaS-based solution.
- Cloud-based SaaS model with 99.99% uptime for the data center and DR site.
- Pre-configured workflow based on industry best practices.
- Graphical analysis and dashboards.
- Regular updates to ensure compliance with the evolving statutory reporting environment.
Value Delivered:
- Effective control of business operations.
- Practically zero capital expenditure (capex) and minimal operational expenditure (opex).
- Plug-and-play solution with quick implementation within 7 days of registration.
- 360-degree view of customers.
- Increased revenues, optimized expenses, and improved profitability.