Common
Chit fund
Savings and credit system in India
Chit fund
A chit fund is a type of rotating savings and credit association system practiced in India, Bangladesh, Sri Lanka, Pakistan and other Asian countries. Chit fund schemes may be organized by financial institutions, or informally among friends, relatives, or neighbours. In some variations of chit funds, the savings are for a specific purpose. Chit funds are often microfinance organizations. However, massive scams such as Saradha Group financial scandal, Rose Valley financial scandal, and others have taken place by exploiting the potential of scamming in chit fund.
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