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Riddhi Siddhi Multi Services - MCA CERTIFIED

The Corporate Affairs Ministry (MCA) has applied the MCA 21 e-governance assignment. It is one of the task mode developments of the Government of India under the National e-Governance Plan

Eligibility and qualifications
A Certified Filing Center (CFC) is a feature set-up and is operated by any or all of the following:

  1. According to the qualification arranged under paragraph 2 (b), any of the three professions described above
  2. Firms of experts taken from any or all of the three corporate institutions referred to above
  3. Any institution owned or operated by specialists from any or all three certified institutions raised to above, who hold the certificate of practice

Riddhi Siddhi Multi Services team understands the importance of your loan requirements for every small and large business and form a robust approach to let our clients stand ahead of the aggressive competition. Riddhi SIddhi Multi Services is always ready to help you for your financial needs. We are always eager to give you best loan that could expand your business idea into reality.

CEO, Riddhi Siddhi Multi Services

Non-Banking Finance Companies: The Changing Landscape Foreword from Riddhi Siddhi Multi Services

In countries such as the US and UK, large credit bureaus like Equifax, Experian and Transunion furnish lenders with credit scores primarily based on the loan applicants’ past repayment data. These credit bureaus have also set up shop in India over the last decade, along with other players such as Credit Information Bureau India Limited (CIBIL) and CRIF High Mark. These players operate by leveraging sophisticated data-capturing and sharing capabilities to gather, store and share accurate loan and repayment history. This reliance on traditional credit infrastructure presents a significant lending challenge in India, where bureau data is often incomplete, if not altogether unavailable. According to the World Bank, less than 1 in 10 people in low- and middle income countries around the world have a documented credit history.

The World Bank has endorsed the use of reported non-financial data in the credit origination processes and considers it a powerful tool for driving financial inclusion in emerging markets. More recently, in the Financial Inclusion 2020 (FI 2020) roadmap, Accion highlighted the great value of alternative data as an instrument to increase financial inclusion and help achieve their FI 2020 objectives.

At Riddhi Siddhi Multi Services we understand that currently, payment history, amounts owed, length of credit history, new credit taken and types of credit used form the basis of credit analysis for most non-banking finance companies (NBFCs). However, in India, unless people plan to apply for a new credit card or loan, most people give little or no thought to their credit scores. For those who lack credit, the achievement of a score is often a vicious cycle—you cannot get credit without a score, and you cannot build your score without credit. Barely one-fifth of the Indian population has a valid credit score, and hence, most Indians are unable to get a loan from an NBFC or bank in the country. Further complicating this scenario are economic pressures that are driving the demand for more granular credit decisioning insight that traditional credit scoring models cannot provide. Our consultant at Riddhi Siddhi Multi Services is dedicate to help you take the right decision.

Given this context, alternative credit scoring can help lenders establish a reasonable basis for extending credit by assessing data streams that traditional credit bureaus currently do not tap into. Data from online social networks, mobile phone records and psychometrics are helping to evaluate the potential of borrowers in cases where traditional credit information is scarce, enabling new lending and greater control over risk.

NBFCs that have focused on traditional data sources to extend lending need to realize the value of alternative data and the need to invest in technology and analytics to develop advanced credit scoring models that incorporate non- traditional data sources. Only then will they be able to participate in the wave of change that has the potential to extend lending to India’s creditworthy yet financially excluded population, and also simultaneously assisting the Indian government to achieve its goal of full financial inclusion. Being a pioneer in financing industry, Riddhi Siddhi Multi Services have managed to facilitate loan facilities from various banks and NBFCs.

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