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...It is important since the Saradha group was not an actual chit fund but a "Ponzi" scheme, which works differently.We base our discussion on a series of largescale and representative surveys we conducted with more than 2,000 chit fund customers in 2008 and 2009, as part of the report "Chit Funds as an Innovative Access to Finance for Low Income Households."Chit funds are indigenous financial institutions in India that cater primarily to the financial needs of low-income households, typically excluded from the formal financial system.It is a mechanism that combines credit and savings in a single scheme.A group of individuals (typically 20-30) come together on a monthly basis and contribute a pre-determined savings amount to a common pool. ...Indian Express on May 20, 2013, 1:23 a.m.