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The Most Trustworthy Chit Fund Ever:

So far SEBI has investigated over 350 chit fund scams in India, and estimate of affected Indian families are over 10 crores. Yet this does not mean that all chit funds are scams in India. There are big differences (see out short).

Let us look at the most prestigious, oldest and trusted Chit Fund in India. It goes by the name, Kerala State Financial Enterprises or popularly known as Kerala Chitty.

The company started functioning on 6 November 1969, with Thrissur city as its headquarters, with the initial capital of just Rs 2,00,000 but it gained huge popularity and trust because it was owned and run by the Government of Kerala making it the first and biggest public sector Chit Fund company in the WORLD.

But why would a Government wish to enter the Chit Fund industry, which has such as bad name. Well this was precisely the reason why KSFE exists.

Chitty as a concept is more than 200 hundred years old as per recorded history of Kerala. This sentiment was being used by various fly-by-night private chit fund operators .Therefore not out of choice but out of necessity the Govt entered the Chit Fund industry to provide an alternative to the public and in a way control the business of Chit Funds in Kerala.

And the Govt was pretty successful in this.

KSFE, by the end of 20th century was had market share of 77% chit fund in Kerala with over 200 branches across the state. And for the government , KSFE has proved to be a goldmine.

Today KSFE has a turnover of 59000 Cr, with 50 lakh customers and generates 4500 employments.

Such is the success of KSFE, that even Karnataka government copied its model to launched its own Chit Fund.