“A CHIT POOLS THE SAVINGS OF MEMBERS AND LENDS OUT THE AMOUNT SO POOLED TO ANY ONE OF THOSE OF THE PARTICULAR CHIT GROUP EVERY MONTH THROUGH THE AUCTION METHOD”
Chit is an indigenous institution functioning as a source of finance, older then the organized banking system.
Chit Schemes are regulated by the Chit Funds Act. 1982 enacted by the Central Government and by the Rules framed under the Act by the State Govt. & Controlled and supervised by the Reserve Bank of India.
Chit Value : 1,00,000
25 Months
₹ 4,000/-
Cash
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Chit Value
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Duration
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Monthly Sub.
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