Chit fund, an industry that is said to be at least 1,000 years old, is facing testing times like never before.
One of the earliest forms of pooled resource financing or peer-to-peer lending based on a high degree of community trust, the business has rapidly kept up with the times by going digital. But the launch of online collection process, mobile applications and e-auctions has.
brought with this hitherto under-regulated industry greater governmental scrutiny, taxation and regulation that now threatens its growth.
States such as Telangana (through T-Chits) are in the process of solving the complex issue of regulating and monitoring chit funds even as existing largest players like Balussery, Shriram Chits and Gokulam are taking digital initiatives for the comfort of clients and employees. "Earlier, everything used to be manual. Now, through e-KYCs and an app people can get into the website and, with just two to three clicks, gain admission into the particular chit. We are trying to provide the auction procedure also online," said KRC Sekhar, managing director, Shriram Chits.
この記事は Business Standard の December 10, 2022 版に掲載されています。
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この記事は Business Standard の December 10, 2022 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
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