(in South Asia) an institution which accepts savings at interest and lends money for house and other purchases.
（印度次大陆）银会（接受有息存款，并为购房及其他消费提供贷款的机构）
Example sentencesExamples
However, these days, that notion has been changed by chit fund and gold deposit schemes started by enterprising jewellers.
The Reserve Bank of India has directed all nidi companies, chit funds and non-banking financial companies holding public deposits to submit annual statutory returns on deposits before 30 September.
The fact is that micro-credit services have existed from time immemorial through chit funds, pawnbrokers and the ubiquitous money-lender (collectively known as the informal credit market).
It is perhaps this aspect that tempts lay individuals join a chit fund in a hurry only to lament later.