Frequently Asked Questions

A chit fund is a group savings system where members contribute a fixed amount every month and one member receives the pooled amount each cycle. The process continues until every member gets the payout once. It works like a rotating savings and borrowing system. DICHIT makes this entire cycle digital, transparent, and traceable.

A chit fund is safe when it is run by a company registered under the Chit Funds Act, 1982. Safety improves when payments, records, and auctions are monitored digitally. DICHIT increases safety by using UPI for real-time payments, automatic receipts, and clear digital logs for every transaction.

DICHIT connects traditional chit funds with UPI and automated digital ledgers. Monthly payments, receipts, auctions, dividends, and settlements happen inside a transparent online system. This removes manual errors, missing records, and cash handling problems.

UPI makes chit fund payments instant, secure, and traceable. Every installment reaches the company immediately and gets updated in the DICHIT dashboard without delay. It eliminates cash issues, late entries, and mismatched records.

Yes. Subscribers can browse programs, join a chit, pay monthly installments through UPI, track their account, and receive digital updates in one place. The entire experience becomes online and paper-free.

Dividends come from the discount offered by the winner during the monthly auction, minus the foreman’s commission. DICHIT calculates and updates these dividends automatically for every member, ensuring accuracy and transparency.

The foreman manages the chit group, conducts the auction, maintains records, and ensures compliance. On DICHIT, the foreman’s tasks become fully digital, reducing manual work and improving accuracy.

Paper records, cash handling, delayed updates, and lack of real-time tracking create trust issues in traditional chit funds. Digitization fixes these problems. DICHIT brings transparency, faster payments, automated reports, and clear communication for both companies and subscribers.

DICHIT does not operate chit funds. It provides a digital platform for licensed chit fund companies to manage their programs online. It enhances transparency, compliance, and operations without replacing the regulated foreman.

Yes. Chit funds are legal when registered with the State Registrar under the Chit Funds Act. Digitization is an operational improvement, not a legal alteration. DICHIT follows regulatory guidelines and supports companies in maintaining compliant digital records.

Subscribers get instant UPI receipts, real-time updates on auctions, dividend reports, payment reminders, and digital statements. Nothing is hidden. Every detail is visible.

Companies using DICHIT get instant payment tracking, automated bookkeeping, branch-level visibility, reduced cash risk, improved compliance, and increased customer trust. It modernizes daily operations without changing the core chit fund model.

Digitization reduces the risk significantly. UPI payments create traceable records, automated logs remove manual errors, and real-time data prevents manipulation. DICHIT strengthens the system by making every step transparent.

DICHIT is built specifically for the chit fund ecosystem. It does not offer loans or generic financial tools. It focuses on digitizing chit operations with UPI, transparency, automation, and compliance, making it the first platform of its kind in India.

No. Chit funds remain one of India’s strongest savings models. With platforms like DICHIT, they become more secure, accessible, and trustworthy. Digitization ensures chit funds grow, not disappear.