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Kerala State Financial Enterprises Limited
The Kerala State Financial Enterprises Limited, popularly known as KSFE,
- Is a Miscellaneous Non-Banking Company,
- Is fully owned by the Government of Kerala.
- Is one of the most profit-making public sector undertaking of the State.
- Was created by the Government of Kerala with the objective of providing an alternative to the private chit promoters in order to bring in social control over the chit fund business, so as to save the public from the clutches of unscrupulous fly-by-night chit fund operators.
- Has been registering impressive profits every year, without fail since its inception.
A striking point is that all the funds mobilised by KSFE through its various deposit schemes and chitties are advanced wholly to the public in Kerala itself; whereas other financial institutions and banks channel their deposits collected in Kerala for advances outside the State.
To become a significant player in the financial services sector by
- Providing a whole range of quality services and products.
- Adopting technology and benchmark standards in customer service and performance.
- Spreading our wings beyond the borders of Kerala, on a global level.
- Retaining the pre-eminent role in Chitty business.
- Continuing focus on extending resources to the Govt. of Kerala.
- Sustaining commitment to the weaker sections of society, as the neighbourhood institution
for support, trust and security.
KSFE pays to the Government of Kerala crores of rupees every year by way of:
- Guarantee Commission
- Service Charges
Kerala State Financial Enterprises Limited
Financially and service wise, KSFE contributes immensely towards the Kerala economy.
- KSFE was created by the Government of Kerala on 6th November 1969.
- The Paid up capital then was Rs. 2 Lakhs.
- Total number of employees at the start was 45.
- The number of branches KSFE began with was 10.
- The Head Office of KSFE is placed in Thrissur, the hub of Chitty business in Kerala.
Scenario (Dec. 2010)
- Paid up Capital is Rs. 20 Crores.
- Total number of employees is more than 5,000.
- The number of branches is 365.
- The number of customers is more than 30 Lakhs.
- Annual Business is Rs. 10,700 Crores (As on 31.03.2010).
- Chitty is the main product of KSFE.
- It is a unique financial product, which blends the advantages of both investment and
- It is a risk free safe haven for the public as KSFE conducts only chitties fully governed by the provisions of Kerala Chitties Act, 1975.
- The instalment per month for chitties range from Rs. 500 to Rs. 1,00,000 and the usual duration of chitties are 30 months, 40 months, 50 months, 60 months and 100 months.
Other Schemes Offered
1. Loans & Advances:
Although Chitty is in essence a loan/advance scheme, for subscribers whose chitties are not getting prized and, at the same time they are in need of money, relief has been provided by two loan schemes built within the chitty scheme, viz. Chitty Pass Book Loan and New Chitty Loan.
KSFE offers other loan/advance schemes, comparable to those given by banks and other financial institutions, and the same includes:
Gold Loan Scheme, Reliable Customer Loan, Consumer/Vehicle Loan, Special Car Loan, New Housing Finance Scheme, Flexy Trade Loan, Tax Planning Loan Scheme, Fixed Deposit Loan Scheme and Sugama (Akshaya) Overdraft Scheme.
Fixed Deposit, Short Term Deposit, Sugama Deposit (which is similar to the savings deposit in Banks), Chitty Security Deposit-in-Trust and Sugama Security Account.
3. Fee Based Activities of KSFE:
- Western Union Money Transfer - as sub agent of Paul Merchants Ltd,
- Life Insurance as a corporate agent of LIC, and
- General Insurance as a corporate agent of NIC.
From chitty subscribers and customers who avail loans/advances of KSFE, KSFE accepts various types of securities which include:
Fixed Deposits with KSFE or approved Banks, Bank Guarantee, NRI Deposits, LIC Policies, National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Chitty Pass Book of Non-prized Chitties, Gold Security, Post-dated Cheques, Personal surety and Property Security.
Future plans KSFE contemplates:
1. Centralised Chitty Registration.
2. Online Chitty Auction.
3. Chitty payments at the Door step of subscribers.
4. Opening Branches outside Kerala.
5. Spreading weekly chitties to all the KSFE branches.
6. e-remittance facilities for all customers.
7. Foray into the field of M-commerce.
8. Introducing ATM facilities and any time anywhere transaction facilities.
9. Implementation of core solutions software in the company.
10. Going for CRISIL rating to obtain FAAA.
11. Working as a Nodal Agency for distribution of pension of State/Central Government and
12. Undertaking trading of Gold.
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