About Souhardha Chits
“The art is not in making money but in keeping it” says an old adage.
If we can add to it, we can say the art is not in making money but in keeping it for the difficult times. During unfavourable times, it’s often seen that money can turn the tide in one’s favour. It is with this concept to help the needy in times of despair, who are not used to regular savings—the idea of The Chit Funds was born. This is not a recent economic invention but in existence since ancient times. The earliest mention of The Chit Fund can be found in Kautilya’s Arthashashtra, which is considered to be the first economic discourse in its entirety.
Sri A.S Puttaiah, a man with decades of experience as a successful Banker, sensed that the Banking Sector was not able to address the credit needs of the masses. This made him to start the Company in the name and style of M/s.Souhardha Chits Pvt. Ltd. On 12th April 1999, Souhardha Chits Pvt Ltd started its operations with a seed capital of approximately INR 3 Million. Souhardha means “Harmony” in Samskruta (Sanskrit), which has been imbibed in the Company’s motto—“Enabling harmonized growth”.
The Company’s main objectives are:
• Firstly, to extend Micro Finance to small and medium sector businesses where they do not get easy access to Financial Institutions and Banks.
• Secondly, to create Self Help Groups (SHGs) and economically empower them by enrolling into The Chit Funds.
Over the past 14 years, Souhardha has grown from a self-financed institution from an annual turnover of INR 30 Million to a business with an annual turnover of INR 600 Million. This has been achieved without receiving a single complaint from Subscribers / with The Chit Funds Regulatory Authority, as mandated by The Chit Funds Act 1982 and The Chit Funds (Karnataka) Rules 1983.
The Company is guided by its Board of Directors and managed by Executive Director Sri Mahesh Asagodu.
Souhardha follows a simple strategy of people first, then money and the rest. That has contributed immensely to our success.
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