The ambitious project ‘the KSFE Pravasi Chitty’ is all set to be launched. Chief Minister PinaraiVijayan will inaugurate Registration of Subscribers to the Pravasi Chitty at 4 pm on 12 June 2018 in the State Legislative Assembly Complex in the presence of all the legislators, Members of the Lok Sabha and Rajya Sabha and representatives of various Malayalee organisations in the UAE.
The Pravasi Chitty at this stage is for the Malayalees in the UAE only and will be extended to the GCC countries and beyond later. The Pravasi Chitty is a unique product the state government is extending to the Keralites working in foreign countries. The Chitty or Chit Fund is an indigenous financial institution with its origin going back to centuries, maybe with the emergence of money as the centre of economic activity.
The profile of the Chitty transformed over the years along with the changing profile of the people, ultimately becoming a modern financial instrument based on a high level of mutual trust and credibility. PK Kunju, the then Finance Minister, presented a proposal to start Chitty in the budget of 1967-68 and accordingly the Kerala State Financial Enterprises (KSFE) was set up which later emerged as the most trusted name for the chitty business in the state.
The KSFE is today well known for its trustworthiness and credibility, thanks to the state government support it enjoys. It plays an important role in the lives of a large number of Malayalees within the state in meeting their urgent needs like marriage of their children or construction of a home or purchase of a vehicle. KSFE Chitty is a support for many a family across the state. It is from this robust platform of trust and credibility that the Pravasi Chitty is being launched.
The KIIFB link
It is in association with the Kerala Infrastructure and Investment Fund Board (KIIFB) and NORKA that the KSFE is launching the Pravasi Chitty. It just aims at extending the Chitty services to the Keralite diaspora in the Gulf countries and beyond.
The funds obtained through the Pravasi Chitty will be invested in Bonds of KIIFB which in turn will be utilized for the infrastructure development of Kerala. By joining this most popular and trusted savings instrument, each subscriber of the Pravasi Chitty will indirectly contribute to the infrastructural development of his or her homeland, at the same time, keeping their hard- earned savings secure. KIIFB aims to mobilise funds to the tune of Rs. 10,000 crores through this ambitious strategy. The Pravasi Chitty is tailor-made for the non-residents by incorporating added features such as Insurance and Pension schemes.
One salient feature of the Pravasi Chitty is that it functions online completely. An advanced online technology platform is already in place and as such any Keralite in any foreign country can subscribe to it and monitor the transactions from any part of the world. The most important aspect of the Pravasi Chitty is the facility to participate in the online auction, sitting in any part of the globe. And it extends the facility for submitting the required security documents for availing the prize money in a hassle-free way. A 24×7 Customer Contact Centre will cater to all the needs of the customers.
The major advantage of the Pravasi Chitty is that it has the cover of LIC insurance. In the event of death/ permanent disability of a subscriber at any point in time during the progress of the Chitty, all the remaining monthly subscriptions will be completely covered by the LIC. No additional charges will be levied on the subscriber for obtaining the Insurance coverage and it is extended purely as a social security measure.
The Chitty benefits will be passed on to the Subscriber/Nominee as and when it falls due. In the event of the death of a
subscriber, the airfare expenses to bring back the body will be met by the KSFE. The Pravasi Chitty also has built in a Pension Scheme for the non-resident Keralites through the Life Insurance Corporation of India (LIC).
The Pension Scheme is optional, and the prize money can be fully or partly transferred to the Pension Fund. This scheme offers a better pension return because of the Group Pension Scheme and other related aspects. Agency system will serve the NRI Customers in relevant stages of the Chitty life-cycle.
The recognised agents will help to ensure the KYC compliance, collection and remittance of monthly instalments and other services. KIIFB is supporting the KSFE in developing its online application for Pravasi Chitty along with a Core application developed by NIC.
The chitty process is synchronised through Mobile, CRM, Digital Workflow, Accounting Application and POS. This is the first time that these many multiple IT partner firms work together around the core application developed by NIC in developing what is perhaps the first world’s digital online financial instrument.
Further the payment gateways of Banks, CORAL application of Registration Department, NORKA’s digital application, State Government employees Digital Repository SPARK etc. are harmoniously synchronised through APIs and makes the Pravasi Chitty application a truly remarkable landmark in the digital sphere of the State.
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