Uma Chit Fund - Non-Banking Financial Institutions originating from India

Introduction

What are Chit Funds?

Chit Funds is a Non-Banking Financial Institution originated in India which comes under the RBI Act 1934. These companies are governed by the Chit Fund Act 1982.

"Chit", as characterized by the act, implies an exchange by the method of which a foreman goes into a concurrence with various subscribers that all of them will buy in a specific amount of cash in periodical portions over some period of time i.e.

Chit funds are a traditional means of savings and borrowing in which members or subscribers agree to contribute a fixed amount of money for a fixed duration of time. The total amount collected (by foreman) is then auctioned and given out as prize money to the member or subscriber in need.

So, this allows the members to save a part of their earnings for the times when needed

Statistics and future of Chit Funds

A study conducted by Institute of Financial Management and Research under the direction of Dr.Mudit Kapoor, Indian School of Business, Hyderabad and Dr.Antoinette Schoar, MIT. Sloan School of Management, USA recommends that Chit Funds are innovative access to back for low-income families.

The estimated size of the Chit Fund industry is INR 35,000 crore (nearly 5 billion dollars) and is growing. The overall ranking of the preferred mode of savings according to the study:

About UCF

Uma Chit Fund token (UCF) is an ERC20 compliant token issued on the Ethereum platform. It is a utility token on the Uma Chit Fund platform.

Token details

Total amount: 1,000,000,000
Private sale soft cap: $50,000
Private sale hard cap: $5,00,000
Public sale soft cap: $1,00,000
Public sale hard cap: $10,00,000
Token price: $0.1

Private sale bonuses up to 30%
Only 50,00,000 UCF will be issued during private sale stage

30%	until 5,00,000 UCF are sold (CLOSED)	100 USDT = 1300 UCF
25%	until 10,00,000 UCF are sold (ACTIVE)	100 USDT = 1250 UCF
15%	until next 35,00,000 UCF are sold (APPROACHING)	100 USDT = 1150 UCF

Roadmap

2019: Concept formation
2019: Whitepaper creation starting
August 2020: Website launched
2021: Whitepaper finalised
April 2021: Commencement of Private sale round
December 2021: MVP released & Marketing campaign
January 2022: Commencement of Public sale and Product testing
April 2022: Final product release

For More Information:

WEBSITE: https://umachit.fund/
WHITEPAPER:https://umachit.fund/wp-content/uploads/2021/09/Whitepaper-v1.pdf
FACEBOOK: https://www.facebook.com/umachitfund
TWITTER: https://www.twitter.com/umachitfund
TELEGRAM: https://t.me/umachitfund

Author: Bunga90
Profile bitcointalk: https://bitcointalk.org/index.php?action=profile
Eth address: 0x2299474475a5E4cB0c832e1B94CaAe6AE02Ea348