Introduction :
Uma chit funds is a chit fund company that manages, conducts, and act as an agent to distribute, sell, purchase or retain cryptographic token. As a non-banking financial Institution which was originated in India which comes under the RBI Act 1934.
History of Chit funds
In the 17th century in the State of Malabar, the Chit Funds was founded. The Chit funds bring finance to the people which also leads towards the good welfare of the society. The idea behind the creation of Uma chit funds was formed, and started gaining popularity immediately due to its confidentiality, record preservation, and accountability.
The Evolution
The Chit Funds discovered various direction when banking and credit offices were lacking and individuals are in needed to depend on indigenous sources. Uma chit funds become an enormous success in the economic market, despite an occasional tale of deceit. As the groups became bigger and money involved became higher, small chit-fund companies formed. It was in the late1900’s, the Government of Kerala set up the Kerala State Financial Enterprises Limited with the object of promoting chits.
Overview of Chit funds
In the world of finance, capital comes from private savings. But the introduction of chit funds platform give a boost to private as well as public savings. An act was formed to regulate the chit funds due to the increasing number of usages of chit funds. To operate legally, the Chit Fund Act 1914” was form and each chit fund organisation need to get registered under the act.
The co-operative nature of Chit funds trigger individuals to start saving money together to be utilized later by any person under financial crisis. On the chit funds platform, the borrowers gain enough benefits from the lenders such benefits are minimum interest rate, dividends as bonus, etc
As a profitable scheme in terms of savings, the Uma chit funds play a big role in mobilization of the financial resources.
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For More Details:
Web URL: https://umachit.fund/
Reddit Link: https://www.reddit.com/user/UmaChitFund
Steemit: https://steemit.com/@umachitfund
Facebook PageURL: https://www.facebook.com/umachitfund
Twitter Address: https://www.twitter.com/umachitfund
Telegram URL: https://t.me/umachitfund
Instagram URL: https://www.instagram.com/umachitfund
White Paper Address: https://umachit.fund/wp-content/uploads/2021/09/Whitepaper-v1.pdf
AUTHOR’S INFORMATIONS :
Bitcointalk Username : Lambaz
Bitcointalk profile link :
https://bitcointalk.org/index.php?action=profile;u=3395873
ERC-20 Wallet Address : 0xD5f9dEd853B47c8662c9e5cc3232a36c1D7a5917