It is called a Chit fund: http://en.wikipedia.org/wiki/Chit_fund It is so popula... | Hacker News

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FraaJad on Sept 30, 2011 | parent | context | favorite | on: Bank of America to charge monthly fee to debit car...

It is called a Chit fund: http://en.wikipedia.org/wiki/Chit_fund

It is so popular in South India that it is now a regulated financial industry. There are quasi-government bodies that operate chit funds.

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