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The Kerala State Financial Enterprises Limited
Type Public sector
Industry NBFC
Founded 1969
Founders Government of Kerala
Headquarters Thrissur city, Kerala, India
Number of locations Kerala
Area served Kerala
Key people P.T. Jose (Chairman)[1]
P Rajendran (Managing Director)
Products Chitty, Loans, Savings, investment vehicles, etc.
Revenue IncreaseRs 105 crore
Net income Rs 16,451 crore
Total equity Rs 20 crore
Owners Government of Kerala
Employees 6,000
Website http://www.ksfe.com

Kerala State Financial Enterprises Limited (KSFE) is a public sector non-banking financial company based in Thrissur city, Kerala, India.

History[edit]

It started functioning on November 6, 1969, with Thrissur city as its headquarters.[2] It started with a capital of Rs 2,00,000, 45 employees and 10 branches. It has now 500 branches and seven Regional Offices at Thiruvananthapuram, Kollam, Kottayam, Ernakulam, Thrissur, Kozhikode and Kannur.[3] KSFE is a Miscellaneous Non-Banking Financial Company (MNBFC) and is fully owned by the Government of Kerala. KSFE is the only chitty Company owned by the Government in the whole of India.

Beginning

  1. KSFE was created by the Government of Kerala on 6th November 1969.
  2. The Paid up capital then was Rs. 2 Lakhs.
  3. Total number of employees at the start was 45.
  4. The number of branches KSFE began with was 10.
  5. The Head Office of KSFE is placed in Thrissur, the hub of Chitty business in Kerala.

Scenario (March 2014)

  1. Paid up Capital is Rs. 20 Crores.
  2. Total number of employees is 5112.
  3. The number of branches is 504.
  4. The number of customers is more than 31 Lakhs.
  5. Annual Business is Rs. 21,566 Crores.

Chitty

Chitty is the main product of KSFE.

It is a unique financial product, which blends the advantages of both investment and advance. It is a risk free safe haven for the public as KSFE conducts only chitties fully governed by the provisions of Central Chit Fund Act 1982. The instalment per month for chitties range from Rs. 1,000 to Rs. 5,00,000 and the usual duration of chitties are 30 months, 40 months, 50 months, 60 months and 100 months.

Other Schemes Offered are given below:

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 ,Sugama (Akshaya) Overdraft Scheme, Vidyadhanam Education Loan Scheme and KSFE Haritham Loan Scheme.

2.Deposit schemes:

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:

  1.Western Union Money Transfer - as sub agent of Paul Merchants Ltd.
  2.Xpress Money Transfer

4. Securities:

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 other PSUs.

12. Undertaking trading of Gold.

References[edit]

  1. ^ http://www.ksfe.com
  2. ^ "Introduction". Kerala State Financial Enterprises. Retrieved 2010-03-04. 
  3. ^ "FAQ". Kerala State Financial Enterprises. Retrieved 2010-03-04. 

External links[edit]

Coordinates: 8°53′15″N 76°35′26″E / 8.88750°N 76.59056°E / 8.88750; 76.59056


Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Kerala_State_Financial_Enterprises — Please support Wikipedia.
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29 news items

 
Times of India
Tue, 10 Dec 2013 17:10:01 -0800

THIRUVANANTHAPURAM: The Kerala State Financial Enterprises has launched a new chit scheme aimed at school students that will help them find monetary backing for their higher education. The 'Educare' scheme aimed at students of classes five to 10, ...
 
Times of India
Wed, 26 Sep 2012 16:57:23 -0700

KOCHI: Setting a precedence, the Kerala high court has allowed the contention of guarantors of a chitty drawn from Kerala State Financial Enterprises (KSFE) that debt should be recovered from them only if the principal debtor doesn't have adequate ...
 
The New Indian Express
Tue, 16 Sep 2014 17:45:00 -0700

Kerala State Financial Enterprises managing director P Rajendran, director board member Shankaran master, General Manager (finance) S Hari were present at the occasion. The amount paid by KSFE to the state government as service charge, guarantee ...
 
Times of India
Fri, 10 Oct 2014 17:00:00 -0700

KOCHI: The acute shortage of funds that is crippling the government has not speeded up revenue recovery in the district. According to figures provided by the administration, the 'rich' district, which tops the revenue list in the state, owes about Rs ...
 
The Hindu
Wed, 09 Jul 2014 21:04:30 -0700

The Kerala State Electricity Board (KSEB) will make available online services to all consumers in the State by November this year, Minister for Electricity Aryadan Mohammed has said. The online services are being implemented under the Centrally ...
 
Deccan Chronicle
Fri, 27 Jun 2014 18:01:30 -0700

Sindhu Lohithadas, widow of the late master craftsman, told DC that she had to sell a house in her name in Aluva as pressure for repayment of loans mounted by a bank and Kerala State Financial Enterprises (KSFE). Only solace for Sindhu is that she ...

The New Indian Express

The New Indian Express
Sun, 28 Sep 2014 17:33:45 -0700

A couple of other government departments and organisations, including the Police Department and Kerala State Financial Enterprises are gradually shifting to free software platform. At the Secretariat, shifting to open source platform is being done ...
 
The New Indian Express
Fri, 30 May 2014 21:41:15 -0700

THIRUVANANTHAPURAM: The rates of interest offered by state-owned Kerala State Financial Enterprises (KSFE) on various loans are comparatively lower than that of banks and other financial institutions, maintained a press release issued by KSFE ...
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