About 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.
MISSION
Uma chit funds aims at becoming the leading and the most trusted chit fund company across the globe. The sole mission of the platform will be to work towards the financial strengthening of its users/members.
The chit holders will be able to save and borrow money at the minimum rate of interest possible in order to fulfil their financial demands. The interest rate would be forwarded to the entire chit team which would consist of a fixed number of people ranging from 10 to 100 individuals.
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 (Token Information)
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: $1,00,000
Public sale soft cap: $2,00,000
Public sale hard cap: $4,00,000
Token price: $0.1 (equivalent in USDT, BTC & ETH)
Token Distribution:
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: media21
Profile bitcointalk: https://bitcointalk.org/index.php?action=profile
Eth address: 0x6996DD6694Dd1675DdEa6B460d400BeC19D478bb