The Hindu Business Line : KSFE chalks out growth plans in Vision 2010

The State-owned Kerala State Financial Enterprises (KSFE) has drawn up an ambitious plan, Vision 2010, with a view to emerge as the State’s premier financial supermarket for the masses.

“The idea is to increase the business turnover and to provide one-stop solution for all the financial needs of people, says the KSFE Chairman, Mr Mani Vithayathil. Vision 2010 envisages launching of several schemes and to become a supermarket for all financial services by 2010, he told Business Line.

The company has chalked out plans to introduce weekly chits, micro chits and high value chits.

New schemes on cards

There are also plans to launch new schemes such as education loans, agricultural over draft, cumulative deposit scheme as well as to enter the arena of credit/debit cards after the branch networking, which would be completed by the end of the current fiscal, he said. KSFE, which started as a chit fund company in 1969 with a paid-up capital of Rs 2 lakh, has recorded a turnover of Rs 8,500 crore in 2008-09, a 40 per cent growth compared to previous fiscals. The company is aiming to achieve a turnover Rs 10,000 crore by the end of the current fiscal, he said.

The strategies such as branding, introduction of branded chits such as Ponnona Chitis and Pravasi Chittis, friendly-credit packages for chitties, relaxation in conditions of sureties, penetration in semi urban areas in the State etc., have helped the company to achieve a comfortable business, he added.

Deposit schemes

KSFE, which has branches throughout the State, had also started mobilising savings through various deposit schemes and mobilised over Rs 2,600 crore in 2008-09.

It is estimated that the total chit fund business in the organised and unorganised sectors a month in the State is to the tune of more than Rs 2,000 crore.

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