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KSFE's purpose at founding was to provide an alternative to unscrupulous private-sector chit fund organizers. [4] In 2000, it had 77% of the capital volume of the chit fund business in Kerala, though just 37.5% of the number of chit funds. [4] Types of KSFE chitty schemes. Regular Chitty : In regular chits one person can bid per month. The ...
During the 1930s, 166 banks were conducting chit funds in Kerala. [3] The first state-run chit fund, Kerala State Financial Enterprises, was established in 1969 by the Kerala government. Its explicit purpose was to provide an alternative to unscrupulous private-sector chit fund organizers. [3] In 2000, it had 77% of the capital volume of the ...
The Saradha Group financial scandal was a major political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds [1] [2] [3] in Eastern India.
In conclusion, the Vigilance and Anti Corruption Bureau of Kerala has played a crucial and vital role in combating corruption and malpractices in government institutions in Kerala. Despite its successes, the VACB continues to face several challenges in its fight against corruption, and there is a need for greater transparency and accountability ...
[51] [52] [53] Many chit funds, a type of Indian savings and credit system, are located in Thrissur. In 2010, an estimated 3,000 chit fund companies were located in Thrissur, employing approximately 35,000 people. [54] [55] South Indian Bank headquarters in Thrissur City. The city is a hub for the Ayurvedic drug-manufacturing industry.
The Kerala Police [3] [4] is the law enforcement agency for the Indian state of Kerala. [5] Kerala Police has its headquarters in Thiruvananthapuram, the state capital.
The city police came into existence on March 3, 2011, after dividing the Thrissur District Police. The police commissionerate is situated in Thrissur City. The commissionerate cover 24 police stations and has four sub-divisions, Thrissur, Ollur, Guruvayur and Kunnamkulam. [3] [4] [5] R Ilango, IPS, is the current Police Commissioner of Thrissur.
Chit funds operate along similar principles, and the chit-fund association of India has estimated there are thousands of Indian companies that include management of kitty party funds as part of their services, although these companies tend to be interested only in higher value kitty party funds.