REVIEW ON UMA CHIT FUNDS ALSO KNOW AS CHIT FUNDS

Chit funds are Non-Baking financial institutions (NBFI) that started off in Asia(India) under the legal rights of RBI Act of 1934. Companies like Uma chit fund are being governed by this chit fund law/rights.
Chit can be defined in an illustration where a foreman agrees with several benefactors that they will all purchase a specified sum of money in periodic instalments during a predetermined length of time.
Chit funds can be seen as one of the most common ways to store or borrow money. This occurs when members set aside portions of their wages in case of any future emergencies. After a certain duration, a leader collects the money gathered and gives it to the client or customer who needs it the most. With this action, the company; Uma chit funds see to it that people’s chit funds are put to good use for monetary strengthening.

UMA CHIT FUNDS ARE USED IN FINANCIAL SECTOR
Chit funds are cooperative, in that they bring together a group of persons to begin saving money to be used by anyone in an economic crisis or need of some easy cash. Normally, borrowers must pay a high commission to lenders, but in chit funds, borrowers receive numerous benefits from lenders, such as a low rate, dividends as a bonus, and so on.

Chit funds were initially used for domestic uses such as marriages and construction, but have since made their way into the business sector, where they can now be used to support both small and large scale companies for purposes such as expansion.
Despite being the most lucrative savings strategy, chit funds are still not a household name in the financial sector. Chit funds have proven crucial in mobilizing financial resources. This is why the Uma chit fund company seeks to establish chit funds in the financial sector.

UMA CHIT FUND INCORPORATES WITH BLOCKCHAIN TECHNOLOGY(SMART CONTRACTS )
What sets Uma Chit Funds apart from previous chit fund ideas is their use of blockchain technology and smart contracts. By integrating blockchain technology into our network, we can provide unparalleled transparency, scalability, and additional member advantages (accessible at the end of each successful chit term period).

Smart contracts are said to be lines of code on a blockchain that carry its functions when certain criteria are satisfied. Smart contracts are especially useful in commercial collaborations to enforce agreements so that all participants are sure of the results without the demand for an intermediary. In other words, we will be completely transparent and our part of the transaction will be completed without the need for a middleman. The distributed ledger will preserve and link all records and history (blockchain).

An additional level of protection is provided by encrypting each record. Blockchain is referred to as "immutable" and "transparent" since all parties involved in a transaction have reference to the same version of things, and also because the data cannot be modified.

CONCLUSION
The benefits of chit funds and chit fund companies cannot be overemphasized. In summary, we can say that when banks fail to meet their clients' needs, alternative funding sources like Chits Funds step in.

USEFUL LINKS
Website: https://umachit.fund
Telegram: https://t.me/umachitfund
Twitter: https://www.twitter.com/umachitfund
Instagram: https://www.instagram.com/umachitfund
Facebook: https://www.facebook.com/umachitfund
Reddit: https://www.reddit.com/user/UmaChitFund
Steemit: https://steemit.com/@umachitfund

AUTHORS DETAILS
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Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2768763;sa=summary

Matic Wallet address: 0x5B4966e5Cf0a2fdfD3009C31A8152dED58b875aF