What is the primary function of a chit fund?

"To facilitate borrowing and saving" "To invest in stocks and securities" "To provide insurance against financial risks" "To offer tax benefits to investors"

Which Indian state is known to have significantly benefited from chit funds?

"Karnataka" "Kerala" "Maharashtra" "Tamil Nadu"

What is a key characteristic of interest rates in chit funds?

"They are subject to market fluctuations" "They are typically fixed" "They are determined by the Reserve Bank of India" "They are linked to the performance of mutual funds"

Which regulatory body oversees mutual funds in India?

"SEBI" "RBI" "IRDAI" "PFRDA"

What is a potential risk associated with chit funds?

"Market volatility" "Inflation risk" "Lack of government regulation" "Fluctuating interest rates"