Siddaramaiah launches software, mobile app developed to facilitate chit transactions
Bengaluru (PTI): Karnataka Chief Minister Siddaramaiah on Saturday launched the software and mobile app developed to facilitate smooth and transparent chit fund transactions under the State-owned Mysuru Sales International Limited.
Speaking on the occasion, he said that since MSIL is a government-owned institution, there is no scope for fraud.
"At present, the organisation's annual business turnover is less than Rs 500 crore, and the target is to scale it up to Rs 5,000 crore within five years. Instead of trusting private chit funds and risking losses, it would be safer for the public to invest in MSIL," he said.
Siddaramaiah pointed out that in neighbouring Kerala, a State-run financial institution conducts economic transactions exceeding Rs 1 lakh crore annually, including chit operations, and has more than 45 lakh customers.
One of its chit systems alone records an annual turnover of Rs 47,000 crore. In this context, a former Managing Director who had served in that Kerala-based institution has been appointed as a consultant for MSIL, he said.
Minister for Large and Medium Industries M B Patil said in a statement that the MSIL Chits software and mobile app have been developed specifically to ensure ease of access and transparency in transactions.
"The organisation currently has 27 branches, and there are plans to expand its presence to all districts and taluk centres across the State. The focus will primarily be on rural areas and women's savings. The returns offered through the scheme would be higher than those available through banks," he said.
According to Patil, to strengthen chit operations, MSIL will appoint agents, generating employment for over 10,000 people. Special savings schemes will be introduced for women belonging to self-help groups, with Sakhis of these groups being appointed as agents.
In addition, hotels and retail grocery stores will also be enabled to function as agents. Priority will also be given to investments by government employees. Overall, efforts are being made to ensure that MSIL chits reach every household, he said.
Participants in the chit scheme can pay their instalments through UPI using the app, via the website, or online. They can also take part in bidding online, he added.
Patil said there is a proposal to open MSIL stores on the lines of Army canteens, where government employees would be able to purchase essential goods at subsidised rates.
The feasibility of the proposal is currently being studied, and if implemented, it would benefit around 20 lakh families, he said.
MSIL Chairman Puttaranga Shetty said the organisation recorded a turnover of Rs 3,882 crore in 2024-25 and posted a profit of over Rs 122 crore.
A 'Vision 2030' roadmap has been prepared to strengthen the institution, and funds are being allocated for socially beneficial initiatives under the CSR framework, Shetty added.
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Curfew relaxed in Meghalaya's Garo Hills for church services
Shillong (PTI): The curfew in Meghalaya's Garo Hills, imposed in the wake of recent violence that claimed two lives, was relaxed for 12 hours on Sunday for church services, officials said.
West Garo Hills District Magistrate Vibhor Agarwal, in an order, said the curfew will remain in force for 24 hours from 6 am on March 15, unless withdrawn earlier but a 12-hour relaxation from 6 am to 6 pm has been allowed to facilitate public movement to attend church services and other essential activities.
The order, issued under Section 163 of the BNSS, said incidents of violence in various parts of the district posed a serious threat to human life, public safety and property, making it necessary to continue preventive measures.
Authorities said that no person shall move outside their residence during the curfew hours and any violation would attract penal action under Section 223 of the BNS and other provisions.
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East Garo Hills District Magistrate R P Marak, in a notification, said the curfew will remain relaxed from 6 am to 6 pm on March 15 to allow residents to attend church services.
However, authorities said Williamnagar Main Bazaar will remain closed during the relaxation period.
Personnel engaged in essential services such as police, ambulance, electricity and water supply, fire and emergency services, and on-duty government officials and media personnel will continue to remain exempted from the curfew restrictions, officials said.
Curfew was imposed following protests over the issue of the eligibility of candidates in the Garo Hills Autonomous District Council (GHADC) polls.
The protests saw incidents of arson, vandalism and clashes, resulting in the death of at least two persons and injuries to several others, while a number of shops, establishments and vehicles were damaged.
In view of the prevailing law and order situation, Chief Minister Conrad K Sangma announced the postponement of the GHADC elections that were scheduled to be held on April 10.
