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.
100 basis points is one percentage point(1 % ).
A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security.