Pravasi Chitty collects Rs 8.23 crore but target looks elusive

The chitty is also linked to pension and insurance schemes, making it a good investment opportunity for NRKs.

Published: 03rd February 2019 01:33 AM  |   Last Updated: 03rd February 2019 05:07 AM   |  A+A-

By Express News Service

KOCHI: The Pravasi Chitty has mobilised Rs 8.23 crore from a total of 20,355 registered customers as on Tuesday, even as the government’s target of collecting Rs 20,000 crore through the scheme in two years looks ever more elusive.

As per the information collected by Express, Kerala State Financial Enterprises Ltd (KSFE), which is issuing the chits, has received 13,917 KYC (Know Your Customer) requests of which 13,401 have been approved.

KSFE chairman Peelipose Thomas said the Rs 8.23 crore collected so far was by no means small, and he expressed confidence the government’s target of Rs 20,000 crore through the Pravasi Chitty scheme will be achieved.

“We are getting a good response and this is only from the soft launch,” he said, adding the funds collected by KSFE will be put in bonds issued by Kerala Infrastructure Investment Fund Board or KIIFB. 

Global launch

Peelipose Thomas said Chief Minister Pinarayi Vijayan will undertake the global launch of Pravasi Chitty in Dubai soon, which will help the product to reach a much bigger audience. Though initially the global launch was fixed for February, due to the Assembly session and other unavoidable reasons, the date has not been finalised as yet, he said.

The KSFE Pravasi Chitty, as per the government plan, was aimed at 10 lakh non-resident Keralites, helping them to earn higher interest rate than what’s being offered by the banks. 
The chitty is also linked to pension and insurance schemes, making it a good investment opportunity for NRKs.

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