Frequently Asked Questions
Q1
What is a chit fund?
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A savings system where members contribute monthly and take turns receiving the chit amount through auctions.
Q2
Is MVRAO’s Chits registered and compliant?
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Yes, we operate under the Chit Funds Act, 1982, and follow full legal compliance.
Q3
How are auctions conducted?
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Auctions are held transparently in front of all members, and the winner is selected based on the lowest bid discount.