MSIL Chit Fund to foray into Tamil Nadu

Bangalore, Dec 12: The state-owned marketing organisation Mysore Sales International Ltd. (MSIL), which had started its own Chit Fund business, will start operations in the neighbouring Tamil Nadu shortly.

Addressing a press conference General Manager Ramakanth Hebballi said that MSIL, as part of its diversification of its activities, had launched its Chit Fund Business had achieved a turnover of Rs 13.80 crore in its first year of operation with a subscriber strength of nearly 3300 members.

He said that MSIL had decided to extend its operations beyond Bangalore and would expand in all the parts of the state. It had also obtained license to start operation in Tamil Nadu.

Stating that MSIL chit funds business was safe and secured investment, he said the minimum bid was fixed at five per cent while the maximum would be up to 40 per cent.

He said MSIL was the first government-backed organisation to begin a chit fund in the country. It was intended to provide an alternative to private chit fund operators and also ensure safety and security of public funds.

UNI