INTRODUCTION
Chit funds are a great way for people to save and borrow money. Because of India's booming economy, a lot of chit fund companies have been seeing a spike in success over the past few years. Nowadays it's easy to see why – people need a way to invest their hard earned cash and chit funds offer this opportunity at well as an investment option that is very safe as well as affordable!
Once the dues are collected, these savings are given out to needy members or subscribers.
This helps our team run smoothly for times when money is tight
This framework, with various inbuilt features, viz., easy to use user interface, simple admin functions; and free of idle costs, occasional interest variations, extravagant pre-conclusion fees is the most favoured alternative for those who intend to invest limited amounts.
The concept of the chit fund is very similar to that of a lucky draw except for one key difference: the auction step. Chit funds are beneficial for both large-scale industries as well as small-scale industries looking for additional funding to expand their businesses.
These institutions have played an important role in India’s financial inclusion program even before banks came into play. Whereas the larger states run their own financial companies like Bengal or Tamil Nadu, they are less regulated than banks and instead fall under the jurisdiction of the Central Registrar of Co-operative Societies (CRCS).
There are currently two major types of chit funds in India: One is run by the state, or this could be a state-run company. The second type of fund is run privately, usually registered under the Chit Funds Act. There are other businesses, but theirs may not be run strictly in accordance with this act. Call them unorganized mutual funds - they don’t work for you!
Project links
Website: https://umachit.fund/
Facebook: https://www.facebook.com/umachitfund/
Telegram: https://t.me/umachitfund
https://t.me/Jcampaigns
Reddit: https://www.reddit.com/u/UmaChitFund?utm_
Steemit: https://steemit.com/@umachitfund
Instagram: https://instagram.com/umachitfund?utm_medium=copy_link
Twitter: https://www.twitter.com/UmaChitFund
Author
Bitcointalk Username: Helpcruel
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2768343
ETH Wallet Address:
0x449449B9801b46e4FA5222f59645896327a67d90