THIRUVANANTHAPURAM: Andhra Pradesh and Telangana have found the Kerala State Financial Enterprise’s ambitious Pravasi Chitty scheme catering to NRI customers a model worth emulating, even before its official launch.
KSFE chairman Peelipose Thomas told Express that these states have contacted the KSFE to enquire about the modalities and support systems for the scheme. “We have shared relevant information. But technical details can be shared only after the launch and that too with the government’s consent,” he said.
Pravasi chitty was a budget announcement of Finance Minister Thomas Isaac to raise funds for the Kerala Infrastructure Investment Fund Board (KIIFB). More than 50,000 NRKs have already evinced interest in joining the scheme through email communication.
Isaac told media persons at a workshop organised by the KSFE here on Monday that the chitty will be launched in the beginning of August. The launch function will be in UAE.CM Pinarayi Vijayan will inaugurate the registration of subscribers on June 12 at the Assembly complex at 4 pm.In the first phase, the chitty will be available in the UAE only. In the second phase, it will be expanded to other GCC countries and to other countries in phases. There will be digital and manual enrolment facilities.
For manual enrolment, KSFE has entered into tie-ups with money exchange agencies and banks. The banks include the State Bank of India and some private banks.
Thomas said the chitties were tailor-made to suit the short-term work contract of NRKs. “The monthly instalments would range between `3,000 and `25,000. The tenure would be in the 30-60 month range,” he said.KIIFB CEO K M Abraham said chitties for the high income groups, `1 crore or above, can be launched in future.
All procedures related to the chitty will be digital. The operations will be based at the new branch to be opened at the KSRTC shopping complex in the capital. A 24-hour customer support centre will also function here.
Only digital payment is allowed and mobile apps or net banking can be used to remit instalments. Close relatives of the NRK in Kerala can also make digital payment.
Auction will be held fully online and subscribers can log onto the virtual auction room using their unique ID. The auction software developed by the NIC, in association with C-Dit and some other agencies, is the first-of-its kind in the country.