Clean chits

Every dubious finance scheme continues to be called a chit fund by a large section of the media. Genuine chit fund companies are justifiably upset about this. Chit funds have existed in this country since pre-Independence times and are a precursor to self-help groups. The well-known names started small, have grown big over the years, followed tight rules and regulations, and have continued to survive and do well. Registered chit funds come under the chit fund act of 1982.

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