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Though it is designed to be an online scheme through the website www.pravasi.ksfe.com and the mobile app 'KSFE Pravasi Chit,' Isaac said the government is now working with money exchange houses to give manual options for sending money to the scheme so that it is more popular with those who cannot access online services.
Unnikrishnan, director of KSFE, said the team behind the scheme is addressing certain teething problems that cropped after the launch of the online registration in June.
Kerala government's savings scheme, 'KSFE Pravasi Chitty' will be 100 per cent Shariah compliant in a matter of three months, announced the state's finance minister Dr T.M.
KSFE is planning to do away with that too, through an online consensus among the subscribers so that the chit fund becomes completely Sharia-compliant.
Kerala Chief Minister Pinarayi Vijayan started the online registration process for KSFE Pravasi Chitty at a function held in state capital of Thiruvananthapuram.
KSFE chairman Peelippose Thomas said NRIs who subscribe to the chit scheme and later lose their NRI status will be allowed to continue participating in the scheme.
The Pravasi Chitty scheme by Kerala State Financial Enterprises (KSFE), a non-banking company fully-owned by the Kerala government, is designed for Keralites working abroad.
The KSFE would offer additional benefits to NRK customers, compared to its 1.6 million domestic customers in Kerala, they said while interacting with the community at the Indian Social and Cultural Centre (ISC) in Abu Dhabi.
The funds collected by KSFE will be invested in bonds issued by Kerala Infrastructure Investment Fund Board (KIIFB), which is a government-owned financial institution to mobilise funds for infrastructure development.
The scheme run by Kerala State Financial Enterprises (KSFE), a non-banking entity fully-owned by the Kerala government, will be rolled out later in other GCC countries.
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