单词 | chit fund |
释义 | > as lemmaschit fund chit fund n. (chiefly in South Asia) a savings or credit association in which money contributed by the members of the association is paid out to members on a rotating basis, originally in an order determined by lot, later as determined by other means such as an auction among the members. ΚΠ 1905 Times of India 7 Dec. The Madrasi, with his extensive system of Nidhis, Chit Funds, Benefit Funds, etc., has the banking and co-operative instinct very fully developed. 1962 Guardian 2 Oct. 9/4 A chit fund [in India] roughly corresponds to a building society in Britain. 2014 H. Sengupta Recasting India iii. 81 A chit fund works with a pool of usually low-income depositors who are often not eligible for bank credit. < as lemmas |
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