Financial intermediation by NBFCs has increased significantly over the recent years. The importance of NBFCs in the business and in encouraging India's economic growth is becoming more widely recognized. Given the numerous benefits it provides, NBFCs have enormous growth potential as it is overcoming significant problems that had previously overwhelmed conventional lending. However, most of the NBFCs have very limited services to choose from. Hence, partnering with competent players who can offer comprehensive services in line with the government guidelines is crucial.

Established in the year 2020, Javana Nidhi is a nonbanking financial firm (A Public Company) that has been approved by the Ministry of Corporate Affairs (Government of India). The organization provides services in Karnataka as well as other states. The company offers Savings Accounts, Joint Accounts, Gold Loan, Loans, Mortgage Loans, and others.The customers are offered with a very good rate of interest for the investments they have made. Till date, Javana Nidhi has about 2350 customers. The firm also offers 20 percent per annum reducible interest as per the government.

“Our objective is to provide a safe and secure platform for our customers investments. In

addition, we intend to provide more job possibilities in the region. And in addition to creating job possibilities we intend to provide a safe investment platform for our consumers with competitive interest rates,” says Arun K B, Chief Managing Director, Javana Nidhi. “We, as a company, are also raising awareness among the general public about the different characteristics of Nidhi companies, such as the government's assurance of safety, its advantages over other NBFCs, and other aspects,” adds Sowmya E J, Director, Javana Nidhi.

In addition to creating job possibilities, Javana Nidhi intends to provide a safe investment platform for our consumers with competitive interest rates

Ensuring Value Addition
Today's market comprises a big number of NBFCs and banks, wherein, these two bodies are considered to be rivals. Javana Nidhi, on the other hand, never views banks as rivals. For instance, the organization is now collaborating with SBI on an online digital payments system. As there is considerable rivalry in the market today, the RBI allows nationalized banks to give 2-3 percent per annum interest. However, the corporation provides 4-6 percent per annum interest to its Nidhi consumers. Further, Javana Nidhi not only provide high interest, but also ensure the security of their monies.

Moreover most NBFCs only provide gold or house loans and do not facilitate savings accounts. As a result, clients rely on banks to open savings accounts. As a Nidhi bank, the organization sits between the two and provides its customers with both loans and savings account options. Javana Nidhi is similar to a bank, with the exception that we do not provide current account and cheque book services.

“We hope to advance from the status of a Nidhi firm to that of a Nidhi bank in the future by adhering to all norms and regulations established by the RBI. We also wish to provide more services to our consumers in a safe and convenient manner. SBI will provide us with virtual accounts and IFSC code and Javana Nidhi Mobile App for IMPS/RTGS/NEFT & Bills/ Payments, UPI ID & QR Code service during the next 3-4 months. In addition, we would provide loans to instructors at 2-3 percent per annum lower interest rate,” concludes Vijaya Kumar V B, CEO & Director, Javana Nidhi.