Kerala State Financial Enterprises
 | |
| Company type | Public sector |
|---|---|
| Industry | |
| Founded | November 6, 1969 |
| Founder | Government of Kerala |
| Headquarters | Thrissur, Kerala, India |
Number of locations | 600 |
Area served | Kerala |
Key people | Peelipose Thomas (Chairman) Subramanian.V.P (Managing Director) |
| Products |
|
| Revenue |  ₹210 crore (US$26 million) |
| ₹40,000 crore (US$5.0 billion) | |
| Total equity | ₹100 crore (US$13 million) |
| Owner | Government of Kerala |
| Website | www |
Kerala State Financial Enterprises Limited (KSFE) is a public sector chit fund and loan company based in Thrissur city, Kerala, India.
History
The company started functioning on 6 November 1969, with Thrissur city as its headquarters.[1] It started with a capital of Rs 2,00,000, and had 45 employees and 10 branches. As of 2021, it has 600 branches and eleven regional offices at Thiruvananthapuram, Kollam, Kottayam, Ernakulam, Thrissur, Kozhikode, Kannur, Attingal, Alappuzha, Kattappana and Malappuram.[2] KSFE is a Miscellaneous Non-Banking Financial Company (MNBFC) and is fully owned by the Government of Kerala. KSFE does not come under the regulation of Reserve Bank of India since it is not a Non-Banking Financial Company.
KSFE is one of the two chit fund companies owned by the government in the whole of India.[3] The other company is Mysore Sales International Limited (MSIL) owned by the government of Karnataka. KSFE's purpose at founding was to provide an alternative to unscrupulous private-sector chit fund organisers.[4] In 2000, it had 77% of the capital volume of the chit fund business in Kerala, though just 37.5% of the number of chit funds.[4]
Controversies
In November 2019, the Vigilance and Anti-Corruption Bureau conducted mass raids on the KSFE offices Ltd and alleged major anomalies in its transactions and schemes.[5]
References
- ^ "About KSFE – The Kerala State Financial Enterprises Ltd. – KSFE". Retrieved 20 March 2021.
- ^ "Frequently Asked Questions (FAQs) – The Kerala State Financial Enterprises Ltd. – KSFE". Retrieved 20 March 2021.
- ^ "CPM jolted as 'own' state agency set out to unearth KSFE fraud". OnManorama. Retrieved 8 November 2022.
- ^ a b Job, Sallyamma (2003). A STUDY OF CHIT FINANCE IN KERALA WITH SPECIAL EMPHASIS ON KERALA STATE FINANCIAL ENTERPRISES Ltd. Cochin, Kerala: Department of Applied Economics, Cochin University of Science and Technology.
- ^ "Vigilance conducts raids at KSFE chit fund outlets in Kerala, alleges major anomalies". The News Minute. 29 November 2020. Retrieved 8 November 2022.
External links
8°53′15″N 76°35′26″E / 8.88750°N 76.59056°E
