Standing Order No. 4880/2014 of the Finance Department, Government of Maharashtra dated 7th September, 2014 on the business of a nidhi [C17-4QF]

Standing Order No. 4880/2014

GOVERNMENT OF MAHARASHTRA

Finance Department, Government of Maharashtra

Mumbai, dated the 7th September, 2014

STANDING ORDER

To

All Banking Ombudsmen,

Subject: The business of a nidhi by nidhi companies under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 2000, regarding.

In exercise of the powers conferred by section 9 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 2000 (Maharashtra Act 16 of 2000), the Finance Department, Government of Maharashtra hereby issues the following Standing Order for the guidance of all officers subordinate to it:

1. References have been received seeking clarification on the manner in which section 9 applies to the business of a nidhi by nidhi companies.

2. The matter has been examined. Every nidhi company carrying on the business of a nidhi shall make an application in Form E to the Banking Ombudsman within forty-five days, accompanied by a fee of one thousand rupees.

3. The Banking Ombudsman shall ensure that promissory note is dealt with as directed above, and shall report compliance to the Banking Ombudsman within forty-five days.

4. Difficulties, if any, in the implementation of this standing order may be brought to the notice of the Finance Department, Government of Maharashtra.

(Secretary to Government)