One of the mysteries of the English language finally explained.
(in South Asia) an institution which accepts savings at interest and lends money for house and other purchases.
- ‘The fact is that micro-credit services have existed from time immemorial through chit funds, pawnbrokers and the ubiquitous money-lender (collectively known as the informal credit market).’
- ‘The Reserve Bank of India has directed all nidi companies, chit funds and non-banking financial companies holding public deposits to submit annual statutory returns on deposits before 30 September.’
- ‘It is perhaps this aspect that tempts lay individuals join a chit fund in a hurry only to lament later.’
- ‘However, these days, that notion has been changed by chit fund and gold deposit schemes started by enterprising jewellers.’
Chit from chit.
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