Chit/Kuri is a mutually beneficial scheme where in a group of people contributes towards the chit value and one member from the group is given the prize amount and the dividend are distributed to all the other members. For Example if we consider a chit value of Rs.50,000/- with 50 members in the group each member has to contribute Rs.1000/- whereby (50 X 1000) Rs.50,000/- is collected. One Draw and one or more auctions (depending on the number of subscribers) will be conducted on each Chit/Kuri dates. The person whose Ticket No. is drawn is declared the prized subscriber of that instalment and he becomes eligible for the declared prize amount. The auction is conducted in which the members participate and the person who discounts the maximum is declared as the prized subscriber. This discount amount is distributed equally amongst all member of the group. Therefore the members have to pay the instalment amount less the dividend, the dividends earned workout to be the interest on the Instalment payments made by the member. Successful Bidder is supposed to give the required sureties depending on the Future Liability of the chit. Only Non-Prized Subscribers whose payments are up to date can participate in the auctions. Every month the Successful Bidder and the prized subscriber get the prized amount on submission of required Guarantors. They have to continue to pay the monthly instalments till the termination of the chit.

There shall be one Draw in every chit in each installment. The Draw will be conducted on each Chit dates.

Auctions are conducted in the branches where in the foremen declares the successful bidder. All non-prized subscribers who have paid their Instalments up to date are eligible to participate in the auctions. In case the payment is made by cheque the cheque should have been realised one day before the auction date. For every group the auction time is 5 minutes on a specified date and time. It is upto the members to be present in the auction hall 10 minutes before auction time as verification has to be done by branch for signatures of members. A member can participate in auction right from the first auction itself, only if he or she has made the payments up to date. Subscribers can auction chits through online facility. The subscriber will have to register for the same separately.