Importance Of Kitty Party

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Kitty party a fun way to save money for non-working women Harshdeep Kaur Assistant Professor Khalsa College for Women, Civil Lines, Ludhiana. E-mail Id: - harshbirdi93@gmail.com Mobile no: - 8288859401 Abstract:- Women play multifaceted roles and do remarkable works in their respective areas for the welfare of the families, communities and the nation. Kitty party funds help women to increase their income-earning abilities, leading to greater power to overcome cultural asymmetries. Kitty party funds rely more on pooling the poor’s savings have more appeal than microcredit. Microfinance sector is led by microcredit, kitty part funds could bring even more business in this. This paper throws light on the role of kitty party funds in the development …show more content…

Kitty party is a source of finance with fun for non-working women. Banks usually don’t provide loans for women who don’t have a steady income, therefore, kitty party is the best way to arrange money for an upcoming event. Women used this money to buy a car, kitchen appliances, and home furniture. In India, there are 15,000 kitty-party companies are running with a kitty fund association. Shriram Capital one of the largest players of kitty party companies. Meaning of kitty party:- Kitty party is organized by the group of women gather together with a purpose to pool their money into a fund. Every member puts a fixed amount of money into the pot and every month one lucky member gets the opportunity to take the kitty home and takes the money. For example- if the fund amount is decided by the group member is 1, 00,000 then the 12 participants can give 8333.33 a month for 12 months and take 1,00,000 when it is their turn. The choice is made by kitty members to receive the money at the beginning or at the end. The money at the beginning would work well for people who have a hard time getting a loan or even a credit card and the end will work for those who want to buy something or save it for future. …show more content…

Kitty party must be organized monthly. 4. The organizer will be responsible for coordinating the parties. 5. The organizer must have a conversation with all Kitties for a suitable time and date. 6. Activities must be provided for the Kitties. 7. Each member has the responsibility to attend all kitty parties. 8. The penalty is the plan for non-attendance such as hosting the next kitty party, even if it's not her turn. 9. Males are prohibited like Husbands and boyfriends from attending any kitty party. Reasons to join kitty:- The main reasons to join a kitty party are as follows:- 1. The fun way to save money 2. Helps to satisfied basic needs 3. Time-saving affair 4. Safety 5. Role of government is zero 6. Convenient and easily accessible source 7. Mortgaging of security is not required 8. Investment with a small amount. Conclusion:- Kitty party is a great option for financing short-term needs of non-working women. There is no need for a variety of obligations, which form a source from their creation to the time of their payment. Women are redefining the concept of kitty parties, use them as a tool for their empowerment, encouraging women to save and lending out cash to those in

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