Margadarsi Chit Fund celebrates 60 years: MD Sailaja Kiron says proud to script middle class success story

As renowned chit fund company Margadarsi Chit Fund Private Limited completed its 60th year on Friday, Managing Director Sailaja Kiron said the organization had, since its inception in erstwhile Andhra Pradesh by Ramoji Rao, worked to empower the middle class in order to back their dreams and aspirations.

Hyderabad: As Margadarsi Chit Fund Private Limited completed its 60th year on Friday, the company's Managing Director, Sailaja Kiron, said the organization, which was set up by eminent industrialist Ramoji Rao in erstwhile Andhra Pradesh, has worked to change the lives of the middle class financially across decades and has now transformed itself into a household name today.

"He (Mr. Rao) thought this was a very indigenous instrument which was already quite popular in Tamil Nadu and Kerala in those days. Because of his decision, it is quite prevalent today in Telangana and Andhra Pradesh. People from all sections of society have benefitted from their subscription to Margadarsi Chits and realized their dreams and goals.

Be it salaried employees, small and medium entrepreneurs, or even large-scale business owners. While their needs may vary, their popular choice of saving is undoubtedly Margadarsi," she said, and added that the money used is public money and we are merely controlling it, we need to repay everything to the subscriber.

"This sense of professionalism is what has led to the growth. Currently, the company has a subscriber base of well over 60 lakh with 4,300 employees with 108 branches across Telangana, Andhra Pradesh, Tamil Nadu, and Karnataka," the MD added.

Mrs. Kiron observed that a key to success in the chit fund industry was maintaining a smooth recovery rate. "Recovery can only be done through proper documentation. As the company is disbursing public money to the subscriber, we make sure proper sureties and securitizations are in place," she said. She thanked all esteemed subscribers for the trust reposed in the organization, the leadership team, and every member of Margadarsi.

"Diligently adopting best practices, a customer-first attitude, and a dedicated team of colleagues fuelled by the visionary ideas and ethos of Sri Ramoji Rao Garu have nurtured Margadarsi to what it is today. We are fully committed to safeguarding each of our subscriber's trust and ensuring a delightful experience. We look forward to a brighter future and an opportunity to be part of our subscriber's success stories," she said.