Abstract:
In the Financial System of India, the Non-Banking Financial Sector which consists of various financial institutions and Chit Funds play a major role even though there is a dominance of banks, financial corporation and other investment companies. The Non-Banking Financial Companies plays a significant role in the financial system of India. The Indian market is getting to be consumer-led. This is the reason behind the unprecedented boom in consumer financing. The chit fund is also known as chitty or kuri in India and ROSCA (Rotating Savings and Credit Association) internationally, occupy a unique position in the financial system of India. This is an indigenous system which has its origin in India; particularly in the southern region.
Author Name : V. Ramesh Kumar
Keywords: Chit funds, NBFC and Chit Schemes.
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