Chit Admin

Chit Admin - Female

The Chit Fund Admin in our company is responsible for managing the complete life cycle of all chit groups, ensuring strict adherence to company policy and the Chit Funds Act. This role is the central guardian of customer data, group formation, auction execution, prize disbursal, and regulatory compliance, requiring meticulous attention to detail and strong inter-departmental coordination.

Key Responsibilities

1. Customer Vetting & Group Formation

2. Application Audit & KYC: Meticulously audit and verify all new subscriber applications, ensuring completeness, data correctness, and matching KYC documents (Aadhar, PAN) and customer signatures.

3. Chit Grouping: Create and finalize new chit groups based on Chit Value and Tenure, strictly enforcing the rule that customers are only grouped after completing three months of payments.

4. Statutory Registration: Initiate and follow up on the chit registration process with the Registrar of Chits, including arranging the Fixed Deposit (FD) and securing the Prior Sanction Order (PSO) and Commencement Number.

5. Auction & Collection Management

6. Eligibility & Scheduling: Prepare the final participant list for auctions by verifying customer payment history and eligibility based on group tenure. Ensure auctions are conducted as per the fixed monthly schedule.

7. Auction Execution: Supervise and record the auction process, finalize the prized and non-prized customers, and ensure real-time telecast to branches.

8. Communication: Immediately notify prized customers of their prize details, required surety documents, and the subsequent verification and documentation charges (D.C.) process.

9. Documentation, Disbursal & Settlement

10. Verification Coordination: Collaborate closely with the Credit Department to schedule and audit Residential and Business Verifications for prized customers and their guarantors, and collect all required surety documents.

11. Disbursal Process: Initiate and track the prize disbursal only after the Document Charges (D.C.) cheque has cleared. Coordinate with the Accounts Department to finalize payment plans for prize, closed, and cancelled chits.
12. Agreement Management: Prepare all final agreements (Disbursal, Closing, Cancelled) for customer signing and ensure timely filing of the Minutes of Meeting (MOM) and agreements with the Registrar of Chits.
13. Chit Maintenance: Manage processes like Chit Name Transfer (for non-prized chits) and Chit Lien to secure the customer's future liability.

Required Skills & Qualifications

• Experience: Minimum of 4 years Proven experience in a Chit Fund operations or regulatory environment is must.
• Knowledge: Strong understanding of the Chit Funds Act and state-specific rules.
• Attention to Detail: Exceptional precision is required across documentation, data entry, and compliance checks.
• Communication: Excellent coordination and follow-up skills across multiple branches and departments (Credit, Accounts, Sales).

Job Type: Full-time

Pay: ₹18, ₹25,000.00 per month

Experience:

• Chit administration: 4 years (Required)

Location:

• Gandhipuram, Coimbatore, Tamil Nadu (Required)

Work Location: In person