Chit funds, a peculiar, indigenous, traditional non-banking financial institution of South India, is perhaps the most misunderstood financial system in India. Chit funds have a unique position among the non-banking financial intermediaries. Even in the new millennium of e-commerce and tele-banking, the highly sophisticated financial systems have not in any way lessened the significance of chit funds. It is evident in the fact that the largest chain of chit funds ...
