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Finance Management System

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Chit funds have been a popular savings scheme in several parts of India for generations together now.

Chit fund schemes possess a predetermined chit value and duration. The amount collected from members is auctioned out every month. Bidders can bid up to a maximum of this total collected value. The difference between the gross sum collected and the actual auction amount, known as the discount, is then equally distributed among subscribers, or, is deducted from the next month’s premium.

Let us take an example of a scheme of 25 members contributing Rs. 100 each per month, for 25 months. The total amount collected per month would be Rs. 2,500. In the auction meeting, bidders can bid only up to this total amount. The successful bidder is one who gives the highest bid amount, not exceeding the maximum limit, within the specified auction time. Suppose the winning bidder bids for Rs 2,000, he would get this amount and, the rest of the amount i.e. Rs. 500 is divided among the 25 members. This discount of Rs. 20(i.e. 500/25) is then returned back to each member. So the next month’s contribution would be Rs. 100- Rs. 20 =Rs. 80.

This process gets repeated for all months till the end of the scheme, giving each member a chance of receiving the money. If in a particular month there are more than one person willing to take the sum, a lots is taken to declare the person who would get the sum.

The system will cover the following aspects

  • Member management
  • Group management
  • Auction rule settings
  • Agent management (employee)
  • Auction details maintenance
  • Collection details maintenance
  • Data correction
  • Member Swapping
The system will cover the following Reports

  • Collection with in a date range
  • Agent wise report
  • Member Ledger
  • Ticket Report
  • Group Report