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About Chits

CHIT provides a good source of finance for different type of people viz., small investors, businessmen, small scale industrialists etc. CHIT is a good means of savings for any contingency requiring substantial amount.

It serves to all the people's whether they are desire for savings or borrowing to meet extraordinary expenses on special occasions like Marriages, Construction of houses etc.,

Adequate care is necessary to choose a suitable Group. The selection of a particular Group largely depends on the subscriber's capacity to provide surplus funds monthly wise from their normal income for this purpose. This aspect is very important for the subscriber as well as in the company's point of view to avoid any embarrassment at the time of releasing the prize money.

History of Chit Funds

The genesis of chits has an ancient history, unlike the Modern Banking System which are borrowed from the concepts from the western countries.Chit is an indigenous form of investing and borrowing that has evolved, perfected and adopted to suit the needs of our country.

Chit funds are the Indian equivalent of the Rotating Savings and Credit Associations (ROSCA), which are popular in many countries such as Cambodia, Korea and Indonesia. Chits are an important financial tool, providing access to finance for both small and medium enterprises and individuals with pressing cash requirements.

According to the book written by Edith Jemima Simcox, The 'Malabar Kuri' the chit fund system existed even during ancient Dravidian Times and is somewhat similar to the systems that existed in China.

The usual term used Is 'Chitty' from where 'Chit' comes whereas 'Kuri' or 'Panam Payattu' is the name employed in Cochin And Malabar regions.Chit Fund became a very popular in the 19th century, when Ruler Of erstwhile Cochin State, Raja Rama Varma, gave a loan to a Syrian Christian Traders.

Our Working Methodology

Over the years, at Sree Gowri Ganeshaa Chits, we have strived hard to provide easy access to savings for our clients. That is why, we see to it that our Customers go through minimal formalities while enrolling for a Chit Fund scheme. We earnestly adhere to all the standards of the governing / regulatory authority. Our working methodology stands on the principle of building a bond with our customers and delivering timely service. Whenever there is a bid / meeting scheduled for the members, effective and prompt communication is ensured to each and every members.

We value our Customers' hard-earned money and we take ample security measures to keep it safe.

Sree Gowri Ganeshaa Chits comply with the norms of the Chit Fund Act 1982, which is governed by the Chit Fund (Karnataka) Rules, 1983 wherein it is stated that the Registered Companies should keep the Security Deposits with the Schedule Bank in the Joint names of the Company and the regulatory Authority i.e. Registrar of Chits (ROC) of the respective area. The said Security Deposit is held by the Regulatory Authority till the termination of the Chit Group. Thereafter the Chit Fund Company is permitted to collect back the Security Deposit after the Company fulfils its obligation to all the members of the Group.

The Regulatory Authority also stipulates at the time of commencement of each Chit Groups to obtain tripartiate Agreement signed by the Foreman, Subscriber and the Regulatory Authority.

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