Business Daily from THE HINDU group of publications
Thursday, Oct 26, 2006
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Business Daily from THE HINDU group of publications Thursday, Oct 26, 2006 ePaper |
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Money & Banking
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Financial Institutions States - Kerala KSFE posts Rs 46-crore profit Our Bureau
Thiruvananthapuram , Oct. 25 The Kerala State Financial Enterprises (KSFE) has posted a profit of Rs 46 crore in 2005-06. The company's annual chit turnover touched Rs 2,000 crore and it plans to increase this through expansion, according to the Finance Minister, Dr Thomas Isaac. He said here on Wednesday that the company had a paid-up capital of Rs 10 crore and its net worth stood at Rs 104.97 crore.
EXPANSION PLANS
As part of its expansion plans, KSFE has decided to start branches in Delhi, Mumbai, Chennai and Bangalore. In addition, new chit schemes will be floated for small-income earners. The company will also start chit and loan schemes in rural branches. The objective was to free poor people from the clutches of the `blade mafia', the Minister said. The company handed over a cheque for Rs 15 crore to the Government. This comprised service charges of Rs 9.2 crore for 2005-06, Rs 3.8 crore towards guarantee commission and Rs 2 crore as dividend for 2004-05.
Golden Jubilee chits
The company is launching `Golden Jubilee' chit schemes as part of the 50th year commemoration of the State's formation. The schemes will be available in all the 266 branches of KSFE. The company has devised prize schemes for those who join the chits between November 1, 2006, and January 31, 2007.
More Stories on : Financial Institutions | Kerala | Financial Performance
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