Chit Fund – New Concept of Investment

Uma Chit Fund is an On-line NBFIs bequeathed by the sages in India indicated with present monetary laws. They are called “NON-BANKING FINANCIAL

There are no risks included, but there are huge rewards by getting into a chit fund. You can then take an active part in building up your nation, guaranteeing your security and future. Not exclusively does it give great returns, you can likewise have tasks of appreciation. There are trusts that run schools, colleges, hospitals and furthermore other organizations.

Uma Chit-Fund is a Non-Banking Financial Corporation. Uma Chit-Fund arranges the money on the dependence of subscribers to help them in regular installments against their guarantees or security given by the borrowers. The backers of Uma Chit-Fund are gifted with the advantages of higher returns and amazing rates of interest.

Uma Chit Fund’s fast advances are safe, acknowledged, totally specific and any day prompt. With high premium rates of interests, the cash is refunded at the finish of the term. Furthermore, it is additionally an acknowledged store that can be utilized by individuals to secure cash

Chit funds are legal in India since 1978 under the Chit Funds Act of 1982. The Central Chit Funds Act, 1982, lists the requirements of running a chit fund business. It also states that chit fund business cannot be run by any company or NBFC. A NBFC or any public limited company is not eligible to commence a Chit Fund business. Only private limited companies are eligible to initiate a chit fund work.

The Uma Chit Fund Company is a Non-Banking Financial Company ("NBFC") under the specialised Chit Fund Act of 1982, as the name suggests. It was found in 1995 and it is headquartered in Kolkata, West Bengal. The company offers a loan for a period of One Year. It has a tiered interest rate of 4.5% to 8 % based on the amount of investment which ranges from Rs. 100 to Rs. 750,000 (one lacs).

UMA is the leading innovator of chit funds in India, providing services that span across Andhra Pradesh, TamilNadu, Orissa, Bihar, Uttar Pradesh , Maharastra, Karnataka and Gujarat.

“Uma Chit Fund” is an Indian Multi state wide chit fund. Uma Chit Fund is established in the year 1998 and it has more than 500 branches all over India. More than 20000 members are there at any given time and they get their money by weekly or monthly installment. And the main motto is to enhance the participation of members and to create a system of dependable financial credits.

We have understood the space by looking at the diverse database of chit funds that has been brought into the market. The Uma Chit fund is amalgamation of international best practices backed by tremendous local expertise. This hybrid version is new, fresh and innovative."

Chitfund offers many interest rates starting from 6% p.a. They are spread all over India in cities like Hyderabad, Mumbai, Bangalore, Ahmedabad, Jaipur, Surat etc. People continue with them for various reasons like they are allowed to take withdrawal before maturity at certain instances. Also their running period is never more than five years

Uma is a digital lending platform for chit funds. We apply modern technology and mobile capabilities to bring the chit fund business from the era of cheque books, stamp vending machines and smoke signals to the era of digital presence.

A Chit Fund is an organization in which people deposit money for a certain period of time, and get interest on the amount deposited. These deposits are kept in the Chit Fund Organization (CFO), which makes loans to the needy at high rates of interest. The CFO earns its profits by lending out depositors' money at rates that are often 30% or higher than bank loans.

In India, the Chit Funds Act 1982 governs the activities of chit funds. The Act defines a chit fund as any scheme under which the subscribers, who pay money, are entitled to get interest, on that money, on a predetermined time basis. The Act also defines the Chit Fund Rules 1989 which stipulates the rights and duties of participants and organizers of chit funds. The Chit Fund Rules 1989 prescribe that the interest shall be computed by discounting the gross amount with the rate of simple interest prescribed by the Central Government, and shall be payable at fixed intervals...
The Chit Fund Rules 1989 prescribe that chit funds will be registered under the Companies Act, 1956. The Act also prescribes that the promoter of a chit fund shall be a non-banking financial company, or company, or company. The promoter shall appoint an authorized officer, who shall be the president of the chit fund. The authorized officer shall have the power to act on behalf of the chit fund.

A chit fund is essentially a private pension plan. A chit fund scheme is started and operated with the primary aim of providing retirement or post-retirement income to the members.

A Chit Fund is similar to a pension fund. A subscriber pays a specified amount into the fund at regular intervals, and in return, the investor gets a share of the fund. The share is calculated on the amount of investment, and is usually paid at the end of a specified period. The subscriber’s investment amount is continually nurtured by investing it in different financial instruments.

##About UCF
Uma Chit Fund token (UCF) is an ERC20 compliant token issued on the Ethereum
platform. It is a utility token on the Uma Chit Fund platform.

##Token price details:

• Total amount: 1,000,000,000
• Private sale soft cap: $50,000
• Private sale hard cap: $5,00,000
• Public sale soft cap: $1,00,000
• Public sale hard cap: $10,00,000
• Token price: $0.1

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bitcointalk username : Kacey Miciela
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etherwallet erc 20 : 0x80045C50bab40877e5487fF97c8F01150939a12f