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In India it is called 'Chit Fund'. A chit fund is a type of rotating savings and credit association system practiced in India. Chit fund schemes may be organiz
by achow 7y ago
In India it is called 'Chit Fund'.
A chit fund is a type of rotating savings and credit association system practiced in India. Chit fund schemes may be organized by financial institutions, or informally among friends, relatives, or neighbours.
The chit fund is said to be an institution that's been handed down since ancient times. In 1887, William Logan, erstwhile Collector of the Malabar district of the Madras Presidency, described the custom of chit funds among friend groups in that region.
https://en.wikipedia.org/wiki/Chit_fund https://en.wikipedia.org/wiki/Chit_fund
- taejo 7y agoIn South Africa it's called a stokvel (apparently the term is derived from the phrase "stock fair"). https://en.wikipedia.org/wiki/Stokvel https://en.wikipedia.org/wiki/Stokvel