The chit fund also known as chitty, or kuri in India and ROSCA (Rotating Savings and Credit Association) internationally, occupy a unique position in the financial system of India. This indigenous financial institution prevalent even before the evolution of banking, had its origin in Southern of India, when the transactions were in the Barter System.
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For the convenient of the subscribers collection for the chit monthly subscription can be made at their door steps in daily / weekly / monthly basis. Auctions for all groups will be conducted once in a month, time and date of first auction of the chit group will be intima
ted to all subscribers soon after the completion of the enrolment to each group.
Ceiling on auction bid : 25 percent of Chit value.