Chit fund is a very traditional and indigenous financial instrument helping subscribers to
inculcate
the
habit of saving
before they spend. India is home to millions of such subscribers who have been doing this
for many
decades now.
As the business got corporatized, so were the rules evolved, to administer the business to
protect the
interest
of all the subscribers involved. The Central act of Chit funds, which formulates the
register chit fund
business,
got into effect from 1982. Since then this act has been the guiding book for all the
regulators across
India.
The state government bodies are given responsibilities for administering the chit fund
business in the
states.
T-Chits, is a revolutionary way of administering the registered Chit fund business in the
state. It
brings the
complete foreman organizations in the state and the registrars onto an immutable, smart
contract
enabled,
highly
secure Blockchain system powered by ChitMonks.
T-Chits is LIVE in All ARC's in Telangana.