Kerala State Financial Enterprises Limited (KSFE) is a

public sector The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, infra ...

chit fund A chit fund is a type of rotating savings and credit association system practiced in India, Bangladesh, Sri Lanka, Pakistan other Asian countries. Chit fund schemes may be organized by financial institutions, or informally among friends, relatives, ...

and loan company based in

Thrissur Thrissur (), formerly Trichur, also known by its historical name Thrissivaperur, is a city and the headquarters of the Thrissur district in Kerala, India. It is the third largest urban agglomeration in Kerala after Kochi and Kozhikode, and t ...

city,

Kerala Kerala ( ; ) is a state on the Malabar Coast of India. It was formed on 1 November 1956, following the passage of the States Reorganisation Act, by combining Malayalam-speaking regions of the erstwhile regions of Cochin, Malabar, South ...

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

History

The company started functioning on 6 November 1969, with

city as its headquarters. 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 Thiruvananthapuram (; ), also known by its former name Trivandrum (), is the capital of the Indian state of Kerala. It is the most populous city in Kerala with a population of 957,730 as of 2011. The encompassing urban agglomeration populati ...

Kollam Kollam (), also known by its former name Quilon , is an ancient seaport and city on the Malabar Coast of India bordering the Laccadive Sea, which is a part of the Arabian Sea. It is north of the state capital Thiruvananthapuram. The city i ...

Kottayam Kottayam () is a municipal town in the Indian state of Kerala. Flanked by the Western Ghats on the east and the Vembanad Lake and paddy fields of Kuttanad on the west. It is the district headquarters of Kottayam district, located in south-we ...

Ernakulam Ernakulam () is the Central Business District of the city of Kochi in Kerala, India and has lent its name to the Ernakulam district. Many major establishments, including the Kerala High Court, the office of the Kochi Municipal Corporation a ...

Kozhikode Kozhikode (), also known in English as Calicut, is a city along the Malabar Coast in the state of Kerala in India. It has a corporation limit population of 609,224 and a metropolitan population of more than 2 million, making it the second la ...

Kannur Kannur (), formerly known in English as Cannanore, is a city and a municipal corporation in the state of Kerala, India. It is the administrative headquarters of the Kannur district and situated north of the major port city and commercial hu ...

Attingal Attingal is a municipality in Thiruvananthapuram metropolitan area in Thiruvananthapuram district of Kerala state, India. It was the location of the Attingal kingdom, under Travancore. It is the headquarters of Chirayinkeezhu Taluk, and the ...

Alappuzha Alappuzha or Alleppey () is the administrative headquarters of Alappuzha district in States and territories of India, state of Kerala, India. The Kerala Backwaters, Backwaters of Alappuzha are one of the most popular tourist attractions in Indi ...

Kattappana Kattappana is a municipal town in the Sahyadri (or Western Ghats) of Kerala state, India. It is the main urban centre in the high ranges of Idukki district, situated about from sea level. It is the second city to became a municipality in ...

and

Malappuram Malappuram (also Malapuram) () is a city in the Indian state of Kerala, spread over an area of including the surrounding suburban areas. The first municipality in the district formed in 1970, Malappuram serves as the administrative headquarter ...

. KSFE is a Miscellaneous Non-Banking Financial Company (MNBFC) and is fully owned by the Government of

. KSFE does not come under the regulation of

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for ...

since it is not a Non-Banking Financial Company. KSFE is one of the two chit fund companies owned by the

government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a ...

in the whole of

. The other company is Mysore Sales International Limited (MSIL) owned by the government of

Karnataka Karnataka (; ISO: , , also known as Karunāḍu) is a state in the southwestern region of India. It was formed on 1 November 1956, with the passage of the States Reorganisation Act. Originally known as Mysore State , it was renamed ''Karnat ...

. KSFE's purpose at founding was to provide an alternative to unscrupulous private-sector chit fund organisers. 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.

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.

References

External links

* http://www.ksfe.com * https://www.facebook.com/KSFE.Ltd.Official/ * https://twitter.com/KSFE_Ltd {{authority control State agencies of Kerala Financial services companies in Thrissur Government finances in Kerala 1969 establishments in Kerala Government agencies established in 1969