..........In India, where banking penetration is still very low (40 per cent of the households still remain unbanked), chit funds have been one of the major means of multiplying money, especially in the rural parts of the country. The number of households participating in chit funds stands at 5-10 per cent of the total household population in each state (except in Delhi, the figures for which are not available). According to a study by the Institute for Financial Management and Research, Chennai, money circulated through chit funds is an average of around Rs 50,000 per household (except Kerala).............
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