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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Correspondents' dinner firing: World leaders say political violence has no place in democracy
Washington (PTI): World leaders expressed relief that US President Donald Trump, First Lady Melania and other guests were unharmed after a shooting incident at the White House Correspondents' dinner here on Saturday night and asserted that political violence has no place in a democracy.
Reacting to the incident, Prime Minister Narendra Modi said he was relieved that President Trump, First Lady Melania and Vice President J D Vance were safe and unharmed after a security incident at the White House Correspondents' dinner in Washington.
Modi said violence has no place in democracy and must be unequivocally condemned.
"Relieved to learn that President Trump, the First Lady and Vice President are safe and unharmed following the recent security incident at a Washington DC hotel. I extend my best wishes for their continued safety and well-being. Violence has no place in a democracy and must be unequivocally condemned," Modi said in a post on X.
Canadian Prime Minister Mark Carney, who has had frequent run-ins with Trump, described the shooting incident at the Washington Hilton hotel as a “disturbing event”.
“I am relieved that the President, the First Lady, and all guests are safe following reports of gunfire at the White House correspondents’ dinner in Washington tonight. Political violence has no place in any democracy, and my thoughts are with all those who have been shaken by this disturbing event,” Carney said in a post on X.
President of the Republic of Korea, Lee Jae Myung asserted that political violence “can never be justified under any circumstances.”
“The Government of the Republic of Korea firmly opposes all forms of violence and extremism that erode the values of democracy and the rule of law,” he said in a social media post.
Prime Minister of Japan Sanae Takaichi said, “Violence must never be tolerated anywhere in the world”
“I am relieved to hear that President Trump is safe following the terrifying gunfire. Violence must never be tolerated anywhere in the world,” she posted on social media.
Israeli President Benjamin Netanyahu called the incident “an attack on all the democracies.”
"This wasn't just an attack on Donald Trump. This was an attack on a candidate for the presidency of the United States. This was an attack on America. It was an attack on democracy, it was an attack on all the democracies,” he posted on social media.
Mexican President Claudia Sheinbaum said it was “good that President Trump and his wife are safe following the recent events”.
“We send them our respect. Violence must never be the way,” she said.
Australian Prime Minister Anthony Albanese said he was pleased to hear all attendees were safe. “We applaud the work of the Secret Service and law enforcement agencies for their swift action,” he said in a statement.
Delcy Rodriguez, the acting President of Venezuela following the capture of Nicolas Maduro by US forces, condemned the attack against Trump.
"We extend our best wishes to them and to all attendees of the Correspondent’s dinner. Violence is never an option for those who uphold the values of peace," she wrote on X.
Pakistani Prime Minister Shehbaz Sharif also took to social media to condemn the incident, stating he was "deeply shocked" to hear the news.
"Relieved to know that President Trump, the First Lady, and other attendees are safe," Sharif said.
Trump has survived two assassination attempts over the past two years – first at a presidential election campaign rally in Butler, Pennsylvania, on July 13, 2024, and later in Palm Beach, Florida, on September 15, 2024.
