Achiva nidhi
Achiva Nidhi (Hindi: अचिवा निधि). Achiva is an Indian banking and financial services Nidhi Company headquartered in Vadodara, Gujarat. “Nidhi” (Hindi: निधि ) is a Hindi word, which means finance or fund. Investments with the Nidhi Company are totally secure and lucrative.
Achiva, which started as a Trading company in 2014, received nidhi licence by Ministry of Corporate Affairs and there under Rules & Regulations made by Reserve Bank of India for Nidhi Company in 2015.
Achiva Nidhi a Nidhi company incorporated with the sole purpose of helping its members. It is formed for mutual benefit.
Management
Achiva Nidhi has Mr. Amit Prakash Tripathi as the founder cum managing director and chief executive officer.
History
Initially founded by Mr. Amit Prakash Tripathi, Achiva offers the best interest rate with security in the country and now operates within districts of Gujarat. It offers credit of as much as Rs.10,000 to women in villages in Gujarat to buy sewing machines and start businesses to make papadums. The core management team of Achiva has wide experience in the Nidhi business. Their prudent lending policies with cashless disbursements and good systems for loan monitoring and collections has ensured good asset quality profile.
Application for Membership
Achiva Nidhi's policy is based on a borrowing and lending model where members deposits their money for specific period of time and also take secured loans against their deposits or against gold/property/Govt. Bonds etc. to fund a business or other income generating activity, ensuring credit discipline and prompt repayments through peer pressure.
It offers livelihood-related loans at 24% interest rate, as compared with standard micro-finance companies whose interest rates range between 25-26 %. The organisation has a 100% cashless disbursement through National Electronic Funds Transfer (NEFT); and also helps its clients open saving accounts, adhering to one of its core missions of financial inclusion.
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Achiva Nidhi follows the practice of cashless disbursal to borrowers through their bank accounts. Agents and field officers do not carry money with them. Joint lending groups in villages ensure everybody stands guarantee for the other. The company uses an integrated software, which helps to keep all the data safe and secure and so that provide totally digital banking service to their members, for its loan management and accounting requirements, with branches being fully computerized. In addition, the field staff uses an Android app for updating the collection data on-field itself, on a real-time basis. It provides instant SMS facilities to its members to acknowledge and ensure safety of their deposits.