What is monthly bhishi?

Answer 1

Monthly BHISHI (Marathi word)as per my knowledge is a type of small savings by a group of people who know each other and trust in each other.

In this the members generally contribute some amount (say Rs.100 or 1000 per month) depending on groups capacity EQUALLY per MEMBER. Then names of all memberes are written on different pieces of paper and then one such chit/peice of paper is picked (LOTTERY SYSTEM). the name appearing wiil get the entire sum contributed in that month for his / her personal use. Next month names of other members will be written on pieces excluding the member who already got the chance to use entire sum. but the member who have got entier sum in previous month wil keep on paying his/her contribution every month

this type is more famours among women specially house wives who has less chance of having access to use relatively larger sum at a time.

Basic idea is to get relatively larger sum to use for buying some utencils or insturments or something else.

Also some business class make use of this BHISHI system for their business needs.

person in need of money may ask for dat months contritution b4 throwing chits or after selectinon of the name by requesting to that person who has got that monts contribution.

This is more famous in the areas of mumbai and maharashtra according to my knowledet. but same activity mayhave been carried on in other parts of country with different names.

The amount collected in such a manner may be lent to the group member at very low rate of interest and to non group member at relatively higher rate of interest.

this money is at the end of the year or same activity may be distriubted with profit or may further contonue in next year

IN modern economics Micro finance is the term used time and again which must be the more systematic form of this BHISHI

answered by Prakash Parkhe

Thanks Mr Parkhe but I suggest a little correction to this. All other terms are correct but bhishi is not a marathi word as such, it is a corrupt form of By Circulation that is B.C. pronounced in marathi as bhishi. please note.

Thanks.

By Nitin Kulkarni