- 31 Jan
Chit Funds are indigenous financial institutions in India that cater to the financial needs of the low-income households, which have been excluded from the formal financial system. It is a mechanism that combines credit and savings in a single scheme. In order to understand the intricacies of the Chit Fund model in India, the Small Enterprise Finance Centre at the Institute for Financial Management and Research at Chennai, India, in collaboration with professors from Indian School of Business and Massachusetts Institute of Technology, studied the size of the registered Chit Fund industry, how it serves the members, what is the cost of funds and finally what is the size of its unregulated counterparts.
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