KSFE achievement a matter of pride for State and its financial sector: Pinarayi

It is a matter of great pride for Kerala and the State’s finance sector that the Kerala State Financial Enterprises (KSFE) has recorded a business turnover of ₹1 lakh crore, Chief Minister Pinarayi Vijayan said here on Wednesday.

In crossing the milestone, KSFE presents a credible financial model that remains steadfast in a crisis, Mr. Vijayan said, inaugurating a function where the KSFE achievement was formally announced. At a time when the public sector enterprises in the country are plunged in crisis stemming from flawed policies, KSFE presents an alternative which enjoys the confidence of the people. The institution has a major role in taking forward the concept of ‘Nava Keralam,’ the Chief Minister said.

KSFE was formed in 1967 under the leadership of P.K. Kunju, who was Finance Minister in the E.M.S. Namboodiripad Ministry. It was envisioned as an alternative to the chitty sector which was dominated by loan sharks. KSFE has come a long way from those humble beginnings, Mr. Vijayan said.

From an institution that started off with ten branches and a capital of ₹2 lakh, it today has 683 branches and a business volume of over ₹1 lakh crore. When the LDF government came to power in 2016, KSFE’s business turnover had stood at ₹30,000 crore. The operational profit has grown from ₹236 crore to ₹500 crore, Mr. Vijayan said.

KSFE has emerged as a financial institution that is keenly watched by other States, Finance Minister K.N. Balagopal, who presided, said. Mr. Balagopal also announced the rebranding of chitty as ‘fraternity fund.’ Minister for Food and Civil Supplies G.R. Anil launched the ‘Samriddhi Gift Card.’ Antony Raju, MLA, KSFE chairman K. Varadarajan, and managing director S.K. Sanil were present.