Kerala Minister urges Centre to let NRIs invest in chit fund

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Kozhikode, Nov 1 (UNI) Kerala Finance Minister T M Thomas Issac today urged the Centre to allow non-resident Keralites to invest in chit fund run by the public sector Kerala State Financial Enterprises in the State.

Talking to newspersons after inagurating ''the Pravasi Bandhu Chittikal 2008'' (chit fund) organised by the KSFE, he said this would attract more investment which could be utilized for various developmental projects.

To encourage more and more investment, the government should also consider a hike in the interst rate for their hard earned money, he said.

Elaborating on the chit fund, he said initially KSFE focused on relatives of NRIs as there was no provision allowing them to invest in such schemes directly at present. But now it had decided to start the new chit fund as a similar scheme, launched last year, had attracted overwhelming response from the kiths and kins of the Pravasi Malayalees registering a total business of Rs 98 crore, he added.

The new chit fund offered different schemes with a monthly premium between Rs 1,000 and Rs one lakh ranging 25 to 100 months, he said adding the scheme also offered attractives gifts to clientle.

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