Sangh Parivar initiates 'Hindu Banks' for 'Hindu money' in Kerala

Thiruvananthapuram: Sangh Parivar plans to start Hindu Banks in all the local administrative institutions in Kerala with the motto 'Hindu's money for Hindus'. According to sources, the outfit has already registered around 100 companies so far in the state under the guise of 'Nidhi Limited', registered under the Companies Act of the Ministry of Cooperative Affairs.

The new banks, named 'Hindu Bank Nidhi Limited Companies', whose first phase of around 100 units were reportedly registered under ashrams, mutts and temples, says sources.

Sangh Parivar is also planning to start Nidhi Limited companies involving Hindu traders in their respective local areas. They have also started special campaigns in social media with the support of Hindu Samrakshana Parivar, Hindu Praja Sangh to increase members. Parivar also aims for special women unit loans to attract Kudumbasree and Akshaya Sree members into the company.

The banks offer higher interest in all types of deposits than any other cooperative societies with better transparency. For instance, 12.5 per cent interest is being provided for fixed deposits. Also, it offers gold loans, business loans, daily collection loans, car loans etc. These banks only serve their members, and loans are sanctioned only over collaterals. KYC terms would be applicable for membership

As per the norms, three individuals as directors can start a Nidhi company, seven members and a capital of Rs 10 lakhs. The condition is, once started, 200 devotees should be added as members within a year.