Ever since, Balussery, New Delhi never looked back and has grown to be the largest chit fund company in Northern India, with no parallel. Catering to the fourth generation clientele, trust, the hallmark of Balussery, has only grown over the years. What the headline indicated, like a Prophesy, turned true!

Balussery – A Role model for the chit industry
Mr. T.S. Sivaramakrishnan, Director, who joined the business in the year 1972, heads the Delhi Branch. Being strategically located, apart from taking the company to greater heights; TSS was instrumental in organizing the chit industry, as a whole, which till such time was scattered. As a Founder-General Secretary and now the President of the All India Association of Chit Funds (Regd.), he is seen synonymous with the industry.

Be it the Implementation of ‘The Chit Funds Act, 1982’ throughout India, forming Rules for the State Government, or for that matter getting the Bill & Melinda Gates Foundation to study and select this sector as a channel for their Poverty Alleviation Program, his services have been highly indispensable.

He is a member of the Key Advisory Group on Chit Funds, formed by the Department of Financial services, Ministry of Finance, Government of India to study and recommend measures to enhance the role of this unique intermediary in the financial inclusion program, apart from suggesting measures to plug loopholes in the existing regulations.

His key contributions to the industry include victories in keenly contested legal tussles to exempt Chit Funds from TDS on Dividend, and more recently the Delhi High Court order striking down the levy of Service Tax on Chit Funds.