AP launches ‘e-Chits’ app to regulate funds through online transactions

Aimed at financially protecting chit fund companies’ subscribers amid alleged scams, the Andhra Pradesh government on Monday introduced an electronic service delivery system, e-Chits’ to regulate and usher in transparency in the sector.

Commissioner and Inspector General, Registration and Stamps, V Ramakrishna said the initiative through which transactions can be done only online, will enable the registration department officials to verify subscribers and only then give approval.

“This policy helps prevent fraud by chit fund companies and avoid loss to subscribers,” Ramakrishna told PTI on Monday, adding that the app will also ensure that subscribers know which registered companies are operating in the chit fund business.