RxPG News XML Feed for RxPG News   Add RxPG News Headlines to My Yahoo!  

Medical Research Health Special Topics World
 Latest Research 
 Clinical Trials
 Infectious Diseases
 Public Health
 Alternative Medicine
 Sports Medicine
 Medical News 
 Awards & Prizes
 Special Topics 
 Odd Medical News
  India Business
  India Culture
  India Diaspora
  India Education
  India Entertainment
  India Features
  India Lifestyle
  India Politics
  India Sci-Tech
  India Sports
  India Travel
 Reservation Issue
 Overseas Indian Doctor

Last Updated: May 16, 2007 - 3:55:52 AM
News Report
India Business Channel

subscribe to India Business newsletter
India Business

   EMAIL   |   PRINT
State chit funds to open to non-resident Keralites
Feb 16, 2007 - 3:28:09 PM
Kerala currently has a record two million NRKs, who contribute a whopping Rs.200 billion every year by way of annual remittances.

Article options
 Email to a Friend
 Printer friendly version
 India Business channel RSS
 More India Business news
[RxPG] Thiruvananthapuram, Feb 16 - Non-resident Keralites - will soon be allowed to participate in chit funds run by the state-owned Kerala State Financial Enterprises -.

'We expect to come out with schemes for NRKs wherein they can pay the monthly instalment of the chit fund through a public sector bank - either the State Bank of Travancore or the State Bank of India,' state Finance Minister Thomas Isaac told IANS.

KSFE's chit fund is doing roaring business. Last month, they exceeded the monthly target of Rs.1.58 billion - and touched Rs.1.84 billion.

'There have been demands from large sections of NRKs to see that the government makes some arrangements so that they could also take part in the KSFE chit funds. We expect this to become a reality for NRKs soon. This would also become a vehicle to tap funds from abroad,' said Isaac.

The government had invested a mere Rs.100 million in KSFE, and since its inception in 1969, it has paid back Rs.1.84 billion to the government by way of dividends.

Over the years, KSFE has been able to maintain a lion's share of 80 percent of all the chit fund business in Kerala.

Reports indicate that the state exchequer would be flowing with funds from NRKs when the government comes out with a chit fund scheme. In all probability, the new scheme would be announced in the Kerala Budget that Isaac will present in the assembly March 9.

Kerala currently has a record two million NRKs, who contribute a whopping Rs.200 billion every year by way of annual remittances.

'In the next five years I expect the KSFE's monthly business to grow from Rs.1.5 billion to Rs.10 billion and this is easily achievable with the participation of NRKs,' asserted Isaac.

Related India Business News
11 Indian firms to set up manufacturing units in China
Draft bill to amend Companies Act under preparation
Spanish firm prefers India to China for joint venture
Only foreign vacations please: Outbound travel booms
New twist in Gurgaon SEZ protest
Indian Inc leaders to head for Cannes
SBI Mutual Fund to tap infrastructure opportunities
Probe ordered on tax breaks of Tendulkar, Gavaskar
BIG 92.7 FM to promote 'Jhoom Baraabar' songs
Sun Micro, Tech Mahindra join hands for IPTV services

Subscribe to India Business Newsletter
E-mail Address:

For any corrections of factual information, to contact the editors or to send any medical news or health news press releases, use feedback form

Top of Page

© All rights reserved 2004 onwards by RxPG Medical Solutions Private Limited
Contact Us