CM launches MSIL Chits app, assures safety of public investments
MSIL, a state-run enterprise, has earned credibility over decades, and its chit fund operations — introduced in 2005 — aims to promote a culture of savings among households
Bengaluru: Chief Minister Siddaramaiah on Friday launched a new software platform and mobile application for Mysore Sales International Limited (MSIL) Chits, asserting that government-backed institutions offer a secure avenue for people’s savings and investments.
Speaking at the launch event organised by MSIL, the Chief Minister said public trust in government institutions is built on accountability and guarantees, ensuring that citizens’ savings remain protected. He highlighted that MSIL, a state-run enterprise, has earned credibility over decades, and its chit fund operations — introduced in 2005 — aim to promote a culture of savings among households.
Siddaramaiah urged citizens, particularly women, to channel savings generated through government welfare schemes such as Shakti, Gruhalakshmi, Yuvanidhi and Annabhagya into secure investment avenues. He said disciplined saving plays a crucial role in meeting future needs, including education, healthcare, housing and family obligations.
Emphasising financial safety, the Chief Minister noted that informal chit fund operations can carry risks of fraud, whereas MSIL’s government-backed framework offers safeguards for investors. While returns may be modest, he said the priority is financial security and reliability rather than speculative gains.
He also outlined MSIL’s expansion goals, pointing out that chit fund transactions in Karnataka currently stand at about ₹500 crore, compared with significantly higher volumes in neighbouring states. The government-backed institution aims to scale its business to ₹10,000 crore in the coming years to widen access to regulated savings instruments.
The newly introduced digital platform is expected to modernise MSIL’s chit fund services, improve customer experience and enhance transparency. Siddaramaiah added that regulatory measures, including the Small and Micro Loan Ordinance 2025, have been introduced to protect borrowers from harassment linked to unregulated lending practices. The ordinance seeks to provide legal safeguards for individuals caught in debt cycles, reinforcing the state’s broader push for financial security and consumer protection.
Officials said the digital initiative aligns with efforts to strengthen governance and promote safe, accessible savings mechanisms for the public.
