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Kerala Financial Corporation, a leading Kerala government-owned Financial Institution, celebrated its 70th Foundation Day on December 1.
Chairman and Managing Director, Sanjay Kaul, launched the the Foundation Day festivities on Thursday.
“The main objective of the Corporation is to support industrialisation by extending financial assistance to MSMEs. It could go a long way assisting many sectors to whom banks are otherwise reluctant to fund. Since its inception, it has assisted more than 65,000 projects,” Kaul said.
Among best-performing
The Corporation is one of the best-performing state financial corporations in the country. The loan size has reached ₹6,000 crore now. The NPA ratio are on a par with banks.
With the State government interest subvention, it funds young entrepreneurs and agri-based industries a five per cent interest. In addition to MSMEs, it also supports start-ups, government contractors, the tourism sector and infrastructure projects.
“We target to increase the loan size to ₹10,000 crore in the next two years. The growth will be technology driven. More branch offices will be opened to ensure timely customer service,” added Kaul.
On Foundation Day, the management expressed gratitude for the support and patronage by shareholders, customers and other stakeholders. They also appreciated the dedicated services rendered by the Board of Directors and employees of the Corporation.
Kerala Financial Corporation was established as the Travancore Cochin Financial Corporation in 1953 and was later renamed in November 1956 consequent to reorganisation of States.
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