It is called a Chit fund: http://en.wikipedia.org/wiki/Chit_fund http://en.wikipedia.org/wiki/Chit_fund It is so popular in South India that it is now a regula

It is called a Chit fund: http://en.wikipedia.org/wiki/Chit_fund http://en.wikipedia.org/wiki/Chit_fund It is so popular in South India that it is now a regulated financial industry. There are quasi-government bodies that operate chit funds.