Want to know the story of ChitMonks?
A new monk has entered the market place whose identity is unknown to the public. He has successfully got some of the best Chit Fund companies onto one platform and is famously touted as the best online market place for Chit Funds. These are the minutes of the first public interview he has given-
M: Who are you?
ChitMonks: Hello everyone, my name is ChitMonks. I am a one stop solution to check all the available options in the Chit Fund Market. I am a neutral market place for promoting Chit Funds of Registered Chit Fund companies. Chit Fund is a very unique financial instrument helping all customer segments over several decades. By participating in a Chit Fund which is registered as per the Central Act and Governed by the State rules, the subscribers get a Safe, Better and Tax deferred dividends.
M: That sounds nice, but why are you doing this?
ChitMonks: You see Chit funds are credible institutions which have been in the Indian financial system way before banks came into being. They have helped people save, and invest. Simultaneously allowing the poorer sections of society to move towards financial inclusion and providing them with funds when the big banks did not. Chit Funds have been there for the needs of every person- may it be funds required for a wedding or for a child’s education, Chit funds have always been there.
M: So why have you come up now?
ChitMonks: Recently, many people have been scathing the name of Chit funds. They create fake chit funds, register a chit fund in a different state and operate it in a different state and create Ponzi schemes and call them Chit Funds all of this has ruined the image and name of Chit Funds.
M: Well, it is fairly simple to blame you for all the scams happening around if there are so many people just calling themselves chit funds and running away with peoples money.
ChitMonks: You see there is a huge difference between registered and unregistered chit funds. Registered Chit Funds are the ones which follow the rules laid down by Chit Fund Act, 1982 and the regulations of the state they operate in. Registered Chit Funds are the only ones you should deal with, the unregistered ones cannot be trusted with your money. In our first ever marketplace I have created, all the companies are registered so you need not worry about the validity of the funds at all!
Anyway, so due to all these scams, there was a technological stagnation in Chit Funds. What I’m trying to do is reimagine this financial instrument using technology. By introducing calculators to calculate your effective rate of interest, faster services in enrolling you into chit groups and much more, I’ve effectively amalgamated technology into this financial tool for the first time.
Subscriber: Is there anything else you do for us?
ChitMonks: Oh so much more! I will not only help you find the perfect Chit Fund based on your needs, I will also help you get in touch with them and help you enrol with them. My help goes much further than that step, once you’re enrolled, I’ll provide you with technical advices on how to manage your chits, provide you with cloud access to your chit group information, messaging and notification service and many more things to come.
Foreman: Hey, what about us?
ChitMonks: Well, think about it. By providing such a marketplace where you can register your company. We can ensure that you get genuine subscribers for your chit fund.
If you guys want to know more about what I can do please check out https://www.chitmonks.com/
ChitMonks: With chit funds, you can become a regular saver now and a potential borrower tomorrow, and with me, you can choose the perfect fund based on your capital needs and future requirements. That’s it folks. I need to go now!
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