The Kerala State Financial Enterprise (KSFE) is all set to launch its chitty (subscription lottery) for expatriates, which had been in the pipeline for long.
After a soft opening, expats can pay the subscription beginning October 25. The first auction will be held after a month as a formal inauguration.
Finance Minister Thomas Isaac said subscribers have the option of several schemes, which are launched with the support of the Kerala Infrastructure Investment Fund Board (KIIFB). The daily balance amount that the KSFE deposits with KIIFB will be utilised for different projects.
In the UAE alone, 12,271 people have registered for the chitty and over 72,000 have expressed interest. Those in other Gulf Co-operation Council countries can also join from the 25th.
The schemes offer a variety of subscriptions, from Rs 1,000 to a lakh per month. They will be spread over 20, 25, 30, 40 and 50 months.
The KSFE website has information on all the schemes. All main activities of the chitty will be online. A virtual office has been opened in Thiruvananathapuram for it. Isaac said the targeted subscription is two lakh expats.
