Chittai.com – is a web application (demo for now ) that has been developed to run Chit Funds in United States. This application has been submitted for Software development competition held by PayPal in United States. You can cast your vote ( before March’ 05, 2010 deadline) in favor of this application, so that Chit Funds can evolve in United States and benefit lower-income and middle-income group of United States.
Chit Funds is a 1000 years old financial instrument intimately connected with millions of people in developing countries. Chit Funds is in practice in India, Central African countries, China, Pakistan and other south-east asian countries. Chit Funds is popular among the low-income group, self-employed and salaries class. A study by the institute for financial management and research (IFMR) has found chit funds prove to be successful providing an innovative access to finance for low income households. Study was conducted in India. Study was funded by Bill & Melinda Gates Foundation.