ABOUT PROFIT AXIS QUASI BANK

PROFIT AXIS QUASI BANK is a unique kind of Financial Institution registered under Companies Act, 2013 and notified as a Nidhi Company by Ministry of Corporate Affairs, Government of India under Section 406 of Companies Act, 2013. It is a Mutual Benefit finance company doing the business of lending and borrowing with its members or shareholders. The main the object is cultivating the habit of thrift and savings amongst its members, receiving deposits from and lending to, its members only, for their mutual benefit .

A Nidhi Company may offer schemes like Fixed deposits (F.D.), Recurring Deposits (R.D.), Monthly Installment Scheme (M.I.S.) formulated from time to time by company and to provide interest or benefit on the deposits, as is fit for and beneficial to the company and to the members as per the rules & regulations or guidelines of Reserve Bank of India (RBI), Ministry of corporate affairs and regulatory authority on NIDHI .

A Nidhi Company shall give loans to its members only against the securities like Fixed deposit receipts, National Savings Certificates, other Government Securities, Immovable property Gold, silver jewellery and other like securities .

REGULATORY AND SUPERVISORY AUTHORITIES

PROFIT AXIS QUASI BANK being a company registered under the Companies Act, 2013, it automatically comes under the supervision of the Ministry of Corporate Affairs. Also being registered as the Nidhi company, Main objective of Company 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 or Mutual Benefits Companies. And to grant loans to the shareholders or members only as against securities of immovable properties and/ or on the security of deposits, movable such as gold, silver, jewellery, Kisan Vikas Patra, National Saving Certificates Scheme and other Government securities up on such terms and condition as may from time to time prescribed in law for Nidhi Companies.