150-year-old Bandra chit fund survives as a beloved tradition despite small returns

"That's my maternal grandfather," says Owen Pereira while flipping through old records of Ranwar village's Christmas Saving Fund. "He was the secretary." As a boy, Pereira would spend lazy afternoons at his grandfather's bungalow ­ where chit fund meetings were often held ­ binging on love apples and jamuns. In the monsoon, he'd hunt frogs in the fields adjoining Mehboob Studios before vaulting over the wall to watch a film shooting with his friend, Herman.A few pages later, we come across Herman Rodrigues' dad, Albert, in the fund's record books.
Today, both Bandra boys are members of this 150-year-old chit fund, which remains a beloved tradition though its monetary benefits have long expired. Its 43 members contribute their savings by the 15th of every month --­ tardy folk are fined Rs 5 -- ­and the whole amount is returned at the end of the year with a slim dividend and a fat deduction for the annual Christmas party. "This is an old custom we still cling to," says Rodrigues. "What makes it so valuable is the annual dinner where you meet people from the neighbourhood."
On Friday, members celebrated the chit fund's sesquicentenary with a bash at the 80-year-old secretary Dennis D'Lima's bungalow on St Roque Road. On the menu were East Indian delicacies like 'fugias' (deep-fried flour balls) and 'chitaps', which resemble rava dosas. Entertainment usually consists of competitive bouts of Housie and quizzes like "Know your saints". In 1966, the 100-year celebrations were marked by a grand dinner of suckling roast, duck curry and an East Indian country liquor called 'Khimad'.
Rodrigues jokes that the decibel level goes up after this beverage is served, which is why replacing it with wine is in his opinion, "a retrograde step".
Started in 1865 as 'The Bandra Ranwar Railway Pass Fund' -- a year after Bandra station was established -- it offered loans to its members when railway passes came up for renewal. Initially, membership was only open to male residents of the East Indian gaothan Ranwar. The minimum subscription was Rs 2. Later, it was re-named the Christmas Saving Fund and the rules changed to include women and people living in neighbouring localities.
After the 1896 plague, members moved away from Bandra and meetings were held sporadically. The fund would have dissolved if members hadn't banded together to save it. Today, it's the only one of Ranwar's five chit funds to survive. Others like the Monsoon Savings Fund, the Bandra Feast Savings Fund and a Death Benefit Fund, all petered out as collecting dues proved too tedious.
While readying the venue for the 150-year celebration, members giggled over the fact that the decorations were leftover from D'Lima's golden anniversary party. "We'll just have to imagine the one in 150," said one member, while another suggested clubbing three '50s' together.
There was also some good-natured ribbing directed at Pereira. "They say, 'You can't throw a stone in Bandra without hitting a pig or a Pereira,'" said one member with a wink. "And look, there's a Pereira."