Chit Funds and Informal Credit in India: Checkpoint 1

Quick checkpoint - five questions on chit funds and informal credit in india.

Question 1 of 5 Which law regulates chit funds in India?

Companies Act, 2013 Banking Regulation Act Chit Funds Act, 1982 Consumer Protection Act

It also caps the foreman's commission.

Question 2 of 5 What is a kuri?

A crop A type of tax A chit fund in Kerala A bank account

KSFE is a large state-owned operator.

Question 3 of 5 What does a Ponzi scheme use to pay old investors?

Government grants Company profits Bank loans Money from new investors

It collapses when new money slows.

Question 4 of 5 A monthly interest of 3% is about what per year (simple)?

36% 3% 12% 300%

Always convert to an annual rate.

Question 5 of 5 Which scheme opened crores of bank accounts?

Jan Dhan Yojana Mudra Startup India PLI

It helps bring people into formal finance.

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