Kerala launches registration for savings scheme for NRKs
abu dhabi — A new savings scheme designed for Keralites working abroad was launched by the government supported authority Kerala State Financial Enterprises Limited (KSFE) on Monday. The scheme is expected to make a big leap in terms of investment opportunities and infrastructure development in the southern state of Kerala, India.
Kerala Chief Minister Pinarayi Vijayan started the online registration process for KSFE Pravasi Chitty at a function held in state capital of Thiruvananthapuram. In the first phase, registrations will be available for Keralites in the UAE and will be later extended to other countries. A formal event is also due to happen in the UAE in August. The registration process can be done by logging onto www. pravasi.ksfe.com.
The first online registration process was completed by the UAEbased social worker Ashraf Thamarassery, followed by Naveen Kumar, who had won an online contest for the scheme.
This is for the first time in the history of the state that customers can join a chitty scheme, remit monthly installments and participate in an auction online.
“Kerala remains on the back foot in terms of financial muscle needed to fund development projects. Usually a government uses money allocated through state budget and loan. However, these measures were not enough to realise our present requirements,” said Vijayan.
The state government has ambitious plan of Rs500 billion worth developmental projects and aims to raise Rs100 billion out of the chit fund scheme. Funds from the scheme will be invested in bonds of Kerala Infrastructure Investment Fund Board (KIIFB), which is a government institution to mobilise funds for the developmental projects.
“There is a need to bring money into KIIFB and that is how the concept of KSFE Pravasi scheme evolved. The helpline number is +91-471-6661888 (6.30am to 6.30pm UAE time). Non-resident Keralites (NRK) are our strength and hold Kerala close to their hearts. However, majority of them are not well-off and are making a living through hard work. If they lose their jobs then very soon they slip into financial crisis. It was then we thought of making NRKs a part of KSFE. It will be a big investment source for the state government and will also help them. This can be very beneficial for those having small income in the Gulf. I am hopeful all NRKs will take part in the scheme,” said the chief minister urging the NRKs to join the scheme.
State Finance Minister Dr TM Thomas Isaac said the KSFE Pravasi Chitty is an attractive investment offer for the NRKs.
“We will ensure that the returns from the scheme will be better than the fixed deposits. There are also benefits like insurance and pension facilities. We hope all NRKs will contribute an amount from their savings into this attractive scheme. We are expecting a good response. Interested people can register through a valid email ID, job details and address details. The process to enrol subscribers will be launched by the chief minister in the UAE in first-half of August.”
Leaders from all major political parties in Kerala were present on the dais for the function.
This can be very beneficial for those having small income in the Gulf. I am hopeful all NRKs will take part in the scheme.” Pinarayi Vijayan,
Chief Minister, Kerala