Chitty, or kuri, is one of the oldest financial instruments in Kerala. It is one of the most controversial too.
Visit this page to learn how chitties work.
Visit this page to learn how chitties work.
There had been chitties of various commodities (money, rice, coconut) even before the Indian independence. The money-based chitty business flourished in 1950s and 1960s. In those times, chit business was the monopoly of rich private parties and the mode of functioning was largely unregulated. In other words, the chitty owners could do whatever they wish to do. This led to many scams and controversies. Many chitty owners simply absconded after collecting money from subscribers.
In 1967, the government of Kerala decided to step in to regulate the activities of chit funds. Two things happened as a result. The Kerala legislative passed the Kerala Chitty Act, and the Kerala State Financial Enterprises (KSFE), fully owned and controlled by the government of Kerala, was born. From then onwards, people of Kerala have a reliable government company that runs chitty business. KSFE chitties have become a synonym for a safe and profitable investment plan.
The first of branch of KSFE was started in Thrissur. Our branch, KSFE Kilimanoor, is the 106th branch. At present, we have a total sala of over two crores. We have a number of customers from Kilimanoor and neighboring villages such as Nilamel, Karette, Pedikulam, Nagaroor, Pazhayakunnummel, Thottakkad, Madavoor, and Kattumpuram. We believe there will be very few residents in these areas who have not been approached by a KSFE staff or an agent.
KSFE Kilimanoor branch has started this blog to reach out to more people. We know that a number of people from Kilimanoor and the neighboring regions are working and living abroad and in other parts of India. This blog is a medium for communication between us and those people. We shall publish details of chitties, installment amounts and any other information worth publishing in this blog. We are sure that our present and future customers will find this blog helpful.
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