Government chit promoters to open 600 more branches

THRISSUR: The state-owned Kerala State Financial Enterprises Limited would open at least 600 branches, to fulfil the vision of a branch for each gram panchayat.

This was to ensure that KSFE reaches out to the common man, who most often fall prey to the private chit promoters, KSFE's Chairman P T Jose told reporters here.

According to reports, there were over 6000 chit companies in the private sector in the state with a turnover of over Rs 75,000 crore.

Jose said KSFE had earned a net profit of Rs 50 crore last year and it was expected to earn over Rs 60 crore net profit for the current fiscal.The company had a turnover of over Rs 14,000 crore and it was expected to cross over Rs 25,000 crore by end of March 2015.

There was an encouraging response from the public for two new chits-Suvarna Varaha and Suvrna Sreyuss-promoted in 2011, he claimed.