AP govt. launches e-chits app to run chit fund businesses transparently

The Andhra Pradesh government has taken steps to make chit fund business transparent in the state and has brought a new policy in the management of chits. AP Revenue Minister Dharmana Prasada Rao revealed that everything will be done online from now on and launched an electronic application called e-chits.

According to the new policy, all chit fund companies will have to transact online only. For this, the AP Revenue Registration and Stamps Departments have created electronic e-chits. All subscribers can know whether their money is safe through e-chits through this new system. Minister Dharmana revealed that this policy has been brought to ensure that the subscriber is not cheated.

According to the new policy, the officials of registration department will check online and give approval. Chits will have to be managed only through this system from now on. Also, Minister Dharmana clarified that the previously registered organisations should gradually come under this system.