Guest Post | India's fintech startups are good old chit funds in new avatar

Guest Post | India's fintech startups are good old chit funds in new avatar

Photo: Unsplash

Oblivious to the brouhaha over a slew of recent chit fund scams, the life of people in Thrissur remains the same. On the last day of every month, women of this town gather around to bid for the month’s kitty worth INR 5,000. Calling it as Pooram Kuri, they have been following this for generations to meet their seasonal needs. These women groups, comprising mainly of textile workers and artisans, do not fear defaults as they’ve known everyone in the group personally for decades.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter