Chitradurga: Margadarsi Chits has expanded its presence in Karnataka with the inauguration of its 122nd branch in Kote Nadu, Chitradurga. The new branch was inaugurated by Sailaja Kiron, Managing Director of Margadarsi Chits, marking another milestone in the company’s operations across four states.
Speaking to the media after the inauguration, MD Sailaja Kiron said, "Margadarsi Chit Fund was established in 1962 by our founder chairman Ramoji Rao. Today, we are operating in four states", she said. She highlighted that Margadarsi Chits currently operates in Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, with 121 branches running successfully. The newly launched branch in Chitradurga is the company’s 26th in Karnataka and 122nd branch in all four states put together. She also shared plans to establish five to six more branches in the state within the year.
Discussing the company’s financial performance, MD Sailaja Kiron stated that Margadarsi Chits achieved a turnover of Rs 10,000 crore in the current financial year. For the next financial year, the company has set a target of Rs 13,000 crore. The company serves 2.5 lakh customers and offers chit-fund schemes ranging from Rs 2.5 lakh to Rs 1 crore.
"Margadarsi Chits has become a trusted financial partner for people from various sectors, including farmers, teachers, doctors, engineers, traders, industrialists, and professionals from the IT and BT industries," she said. She emphasized that the company has been serving multiple generations of families, with customers continuing to invest in chits over the years.
Highlighting the benefits of the chit-fund system, MD Sailaja Kiron mentioned that customers utilize their bid amounts for diverse needs such as purchasing land, building homes, starting businesses, funding education, and arranging marriages.
Customers in Chitradurga expressed satisfaction with the opening of the new branch, stating that they have benefitted from Margadarsi Chits' financial services. Many acknowledged the company as a reliable financial institution that meets various economic needs.
The inauguration event was attended by Karnataka Director of Margadarsi Chits P. Laxman Rao, Vice President Balarama Krishna, General Managers Nanjundaiah and A. Chandraiah, senior officers Viswanath Rao and Vijayakumar, managers of various Margadarsi branches in Karnataka, Chitradurga Branch Manager Praveen B.A, and several customers.
Local subscribers expressed happiness over the inauguration of the Margadarsi Chits branch in Chitradurga. Several consumers who spoke on the occasion shared their feelings that Margadarshi Chits has benefited them a lot and that it has become a guiding light for all their financial needs.
Prashant, a subscriber, said, "Margadarshi Chit Fund has been helping me for the last 18 years. As a farmer, I am making good use of its services. I get the money on time. I have a lot of faith in the company. The company has high standards. This has also helped in the education of my children. I have an areca nut plantation and it has also helped me in digging a borewell. The company's staff also respond well to us."
Another consumer, Syed Ahmed, said, "I was introduced to the Margadarsi Chit Fund by one of my friends. I have been a customer continuously for 15 years. Margadarsi means 100% trust for us. I am the principal of an ITI college. It has helped me with money for the development of my college. It has also facilitated the education of my children. Now, we are very happy that a branch has been inaugurated in our district, Chitradurga."
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