Definition 1 of 1
Noun. April 29, 2013, Word of the Day
A preferred system for raising lump sum cash in small communities throughout India. Sadly, it is frequently a ponzi scheme, where contributors to the fund get cheated out of everything with the organizer scooping up all. I haven’t the faintest idea of what “chit” stands for.
I don’t trust banks, madam. Even big, big banks are sometimes going bankrupt. With chitfund, it is safe. We know all the parties, you see. My own uncle and his brother-in-law are running a chitfund. In banks, managers come and managers go. How can we trust them?
Added 2011-09-16 by oldathai
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