Kameti

Kametie's are very popular in India. The Kameti System involves a group of people (can range from 10-20) coming together to form a "Kameti" where each person contributes certain

amount of money towards a corpus of funds.

Typically the person initiating the Kameti is the administrator/cashier of the Kameti and is responsible for each transaction and servicing of everything that goes for that particular kameti.

All kameti member mutually decide the kameti rule. Like kameti start date , auction time, interest rate, plenty amount, lucky draw amount, minimum bid amount, runner up percentage etc.

Let us try to understand Kameti Functioning using an example:

Lets assume that Mr. X is the administrator/cashier of a kameti floated by him having 10 members and each member contributes Rs. 5,000 towards the corpus which amounts to Rs. 50,000 (Total Kameti Amount).

Now the kameti holds an auction on a given date and time (10th of every month at 6:30PM) among the 10 members for granting this corpus as a debt.

The auction amount is basically the interest (say 1%) portion on the corpus.

So in this kameti of Mr. X with a corpus of Rs. 50,000 the first auction starts at lets say Rs. 4500 which is equal to 1% for 9 months. What is means is that the person will start bidding

(Boli start) Rs. 4500 for first kameti, if another member want to bid he/she need to add Rs 100 (minimum incremental bid amount) on Rs 4500. So now kameti bid amount is Rs 4600. If he/she wins the auction at that bid, will take the Rs. 50,000 corpus for a cost of Rs. 4600 so effectively he will get Rs. 44,000.

So now there is benefit of Rs 5200 is this amount which will be divided in between all the 10 members. In this way every member got the benefit of Rs 520/- for that month of the kameti.

Each member is given a chance to bid. Let say bid is started like given below

Member              Bid Amount

Mr. A     Rs 4500

Mr. B     Rs 4600

Mr. A     Rs 4700

Mr. C     Rs 4800

Mr. D     Rs 4900

Mr. B     Rs 5000

Mr. D     Rs 5100

Mrs. E    Rs 5200

Now Mrs. E is the winner of the auction at Rs. 5,200. So Mrs. E will get (Kameti Amount - Bid Amount) i.e Rs. 50,000 - Rs 5200 = Rs 44800 (Corpus of Rs. 50,000 at a loss of Rs. 5,200).

The Rs. 5,200 bid amount is divided among the 10 people forming the kameti. So at a investment of Rs. 5,000 each member get profit of Rs. 520 upfront.

The principal amount has to be paid by Mrs. E in a time-frame 10 months (Number of member is equal to number of kameti members) on 10th of each month.

In addition to this every member have to pay Rs 50 for lucky draw. Total lucky draw amount is Rs 500 and out of 10 member one member will be selected as lucky member who get 50% of the total lucky draw amount i.e Rs 2500 and rest of the 50% amount will be given to runner up. In our case Mr. D is the runner up of the kamti auction.

Risk: The biggest is the credit risk that the person does not pays the principal payments. In that case the burden falls on the Administrator/Cashier to pay the members of kameti.

For the same reason kameti are often formed between close members of society where trust level is high. 

Administrator's Benefit: Second Kameti always given to administrator and there will be no bidding on 2nd kamati date. Every member have to pay the full amount. In our case member have to pay Rs 5000 and Admin will get the Rs 50000.

In brief a group of people varying anywhere from 10-25 starts a group with one dedicated admin. Admin decides upon the Kameti amount and duration. Each month they organize an Auction in which each member bids for a Kameti amount. The person with minimum bid amount gets the total amount and the gain is equally distributed among the members. There are a number of rules associated with it which will get clear as we go through the entire process.

What is Kameti Application?

Kameti is an online application which allows you to maintain your kameties online. You can perform almost all the actions line of Create / Join / View account etc... With the help of this app and manage your Kameties account information from anywhere in the world without the need of a any physical presence.

Benefits of using Kameti Application

• Creating and Maintaining a Kameti is very easy.
• All the tedious calculation around kameti are done automatically.
• You can access data for your kameties almost from anywhere just by opening the app.
• You can create kameties online and add members.
• You need not to be present for bidding which can be done using your phone.
• Your data is also available for offline viewing.
• Your data around Kameties will be stored and protected.
• Data is selectively editable based upon you access levels which are different for Administrator and Kameti members.
• Easy to switch Kameti data from one Mobile to other.

Minimum Requirements for using Kameti App

• Android phone with OS version > 3.4
• Data connection
• Valid mobile number

Using the Kameti Application

You can download and Install the Kameti Android app from Google Play Store.  You will see the first screen as blow. 

Fig 1:

Enter your valid mobile number and make sure you have valid/activated SMS plan.  You will get four digit verification code via  SMS on the mobile number that you mentioned.

Fig 2:

Enter the verification code in the verification screen that you received. If you already register you will see main screen otherwise you will be see registration scree where you have to provide your Full Name as shown in Fig 3:

Now the registration is complete. You can go ahead and start using the Kameti Application.

First Screen on Launch Post SMS verification

If you are installing Kameti App for the first time then you will get Try/Buy Screen as seen in snapshot below:

< Add Snapshot for Try/Buy Screen>

If you select Buy Option, it shows you various purchase options which you can select to buy the application as seen below.

If you select Try option you get free trial usage of Kameti App for 45 days and after which you have to buy the application to further use it.

Kameti Screen After Try/Buy Workflows in complete

1.      If you have any kameti you will see the list of your kameties as shown below:

2.  You can click on any of the Kameti list to get details of any of the particular Kameti as seen below

.

Creating a New Kameti

1. Go the Kameti screen open the Drop Down Menu and Select Add  New Kameti.

2.  Fill in the details for the Kameti as per your requirements.

3. Once details are added you can click on the perspective button to check for perspective for Kameti based upon details you have added.

4. Click on upload button the upload the Kameti to the server.

5. For Adding Members to the Kameti. Tap on the Kameti and then select add member icon as seen below.
You will be prompted to add Member Name and Member Mobile number which will get uploaded as you select submit button.

NOTE : You will be able to add member until the count is equal to number of members defined in the Kameti.

Auction For a Kameti

1  1. Go to the first screen on the launch which shows list of the Kameti.
2    2. Tap on any of the Kameti to go to the Auctions screen showing list of the auctions happened for the Kameti.
3   3. On the top of the screen you will see the timer running which tells us the remaining time for the next Auction as seen below.

Bidding for a Kameti

      1. Bid starts as per the defined time as soon the timer finishes on the Auction Screen.
      2. Users will be notified and user can go to the bidding screen by tapping on the Auction Windows.
4    4. Users can bid by tapping the Bid Now button.
      5. On Tapping the Bid Now Button, Bid will be placed automatically as per the percentage rule defined as per Kameti Details.
      6. A placed bid will be valid for the Bid validation time as defined in the Kameti Details. If next person bids then the timer resets again.
     7. Person with lowest bid amount and whose bid is not interrupted by any other person's bid Wins the Auction.
     
       <Add Snap for Bidding Windows>

      NOTE : Admins can also place bids for Members who have given then authorization as seen in snap below.

       <Add Snapshot for Admin Bidding process>

Updating your Profile Information

1.      You can go to your account and add email address and also attach an photo to your account.

< Update profile Screenshot below>

Help Option Screen

1.      There are various option provided with help.  Click on the help menu will help you to explore on the same.

< Help Screenshot below>

About Us Screen

< About Us Screenshot below>

Contact us Screen

< Contact Us Screenshot below>