Govt to revamp MSIL chit fund, targets Rs 10,000-cr turnover

The state government is all set to revamp its chit fund business run by the Mysore Sales International Ltd (MSIL).

The government is studying a model being followed by Kerala and aims to make it a Rs 10,000-crore turnover business by 2028. For this purpose, the Industries department has designed a new software and also roping in a person from Kerala having experience in managing the chit funds there.

As shared by the department officials, they will soon launch a mobile App which will provide a more accessible and user-friendly platform for existing and new clients.

Manoj Kumar, Managing Director of MSIL, said, “To expand MSIL’s chit fund services through strong network, we are planning to appoint agents and business associates. Focus will be more on marketing and managing local chit groups by roping in Self-Help-Groups at rural areas by facilitating financial literacy programme for them.”

Kumar even shared plans to have special schemes for government employees. “We are planning to introduce a hassle-free chit scheme designed specially for government employees and employees with government undertakings,” he mentioned.

As per the plan, MSIL aims to increase its market share by leveraging technologically and expanding its agent network.

C Puttarangashetty, senior legislator and chairman of MSIL, said, “For the last few years, we are witnessing a rise in number of chit fund fraud cases and public are not in a situation to trust any. As MSIL is a government registered agency, it will be safe and secured for investments.”