Andhra Pradesh launches app to regulate chit funds

Amaravati: Aimed at financially protecting chit fund companies’ subscribers amid alleged scams, the Andhra Pradesh government on Monday introduced an electronic service delivery system, e-Chits’ to regulate and usher in transparency in the sector.

Commissioner and Inspector General, Registration and Stamps, V Ramakrishna said the initiative through which transactions can be done only online, will enable the registration department officials to verify subscribers and only then give approval.

“This policy helps prevent fraud by chit fund companies and avoid loss to subscribers,” Ramakrishna told on Monday, adding that the app will also ensure that subscribers know which registered companies are operating in the chit fund business.

Subscribers can verify whether a chit run by a company is registered with the authorities or not, he said, including enabling them to enquire about the registered chits directly from regulating officials such as the assistant registrar of chits located at each district headquarters.

The Inspector General noted that in the event of any subscriber facing a problem with a chit fund company, the aggrieved subscriber can file an online complaint through the software to escalate the issue to the concerned officer of the department to find a quick resolution. Ramakrishna added that further details on e-Chits can be obtained from https://echits.rs.ap.gov.in.