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The Rs 500 billion chit fund industry has expressed its disappointment with the Chit Funds (Amendment) Bill, 2018, cleared by the Union Cabinet today to act upon the unregulated deposit schemes. The industry has alleged that the Bill in its current form will not solve the main purpose, which was to bring unorganised chit players into organised net.The Union Cabinet, chaired by the Prime Minister, today gave its nod to introduce the Chit Funds (Amendment) Bill, 2018 in Parliament. The Bill, is aimed to facilitate orderly growth of the Chit Funds sector and remove bottlenecks being faced by the Chit Funds industry, thereby enabling greater financial access of people to other financial products.T S Sivaramakrishnan, General Secretary, All India Association of Chit Funds and director, The Balussery Benefit Chit Fund said that the whole idea to introduce a new Bill was to bring unorganised chit companies or individuals into the organised."Our Association is of the considered view that ...

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