Margadarsi Chit Fund has targeted a turnover of ₹12,000 crore in the current financial year, up from ₹9,712 crore in 2021-22.
The fund’s managing director Sailaja Kiron told a media conference on the occasion of the organisation celebrating its 60th anniversary on Friday that it has a robust recovery rate of 99%, mainly due to its strong operational procedures.
A stringent documentation of subscribers details is very crucial for recoveries. “We ensured strict sureties and securitisation. As a result, the fund is best in recovery and ensured that its bad debts are as low as 0.1% to 0.2% per annum. The fund took more time to enrol subscribers,” she said adding that the levy of GST on chit fund industry is painful.
