Chit funds, deeply rooted in ancient financial practices, have historical ties dating back to ancient India. One of the legendary stories associated with chit funds is that of Kovalan and Kannagi from the Tamil epic, "Silappatikaram."
Kovalan, the husband of Kannagi, was a trader who, like many merchants of that time, utilized chit funds for financial support and investments. These funds were vital in facilitating trade and commerce. However, Kovalan faced misfortune and was wrongly accused of theft, leading to tragic events.
Despite the tragic tale, the use of chit funds in historical narratives highlights their significance in ancient societies, emphasizing their role in trade, financial assistance, and economic activities that have evolved into modern-day chit fund systems.
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