Chit or 'cheat' fund? Andhra MP for a name change to 'fraternity fund'

Chit or cheat?

The Lok Sabha on Monday took up a discussion on the Chit Funds (Amen-dment) Bill. Among Lok Sabha members who partic-ipated in the discussion, the YSR Congress Party’s (YSRCP’s) Raghu Ramakrishna Raju Kanumuru (pictured) demanded a change in the nomenclature of not just the Bill but also in the way these schemes were named. The MP from Andhra Pradesh’s Narsapuram constituency said the word “chit” was being pronounced “cheat”, which was reducing the importance of such schemes for people with no banking facilities. He said the name “chit fund” should be changed to “fraternity fund”.

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