A Chit fund is a kind of savings scheme practiced in India. A chit fund company or Foreman, is a company that manages, conducts, or supervises such a chit fund, as defined in Section of the Chit Funds Act, 1982. According to Section 2(b) of the Chit Fund Act, 1982 (Reference form Wiki)
A video is worth more than thousand words. Refer to the link below. Video courtesy from IFMR (Institute for Financial Management and Research) and AIACF (All India Association of Chit Funds).
Chit Funds have been playing a stellar role in the financial inclusion of India because it is easy to understand and participate with Savings as the primary goal before Borrowing
Two main problems in this space are, evading faith and trust on the organizers of this instrument and challenges in administering it.
ChitMonks is using the power of Blockchain technology to decentralize this financial services space and bring utmost trust and transparency in the way India does Chit Funds.
Our Mission is - “To make registered Chit Funds more Accessible, Credible and Rewarding”