KSFE Becomes First NBFC in India to Cross ₹1 Lakh Crore Business Milestone

Marking a historic milestone in the country’s financial sector, the Kerala State Financial Enterprises (KSFE) has become the first miscellaneous non-banking company in India to achieve a business volume of Rs 1 lakh crore.

This landmark achievement, reached in record time, has positioned Kerala at the forefront in the sector.

To celebrate the feat, a two-month-long statewide programme will be inaugurated by Chief Minister Pinarayi Vijayan on August 13, 2025, at 12:00 pm at the Central Stadium in Thiruvananthapuram.

Finance Minister K.N. Balagopal will preside over the inaugural function. Food and Civil Supplies Minister G.R. Anil will launch KSFE’s ‘Onam Samriddhi Gift Card’, while KSFE brand ambassador and national award-winning actor Suraj Venjaramoodu will attend as the guest of honour.

“Doubling our business from over Rs 50,000 crore to Rs 1 lakh crore in just four years is a strong reflection of the public’s growing trust and acceptance of KSFE,” Finance Minister K.N. Balagopal said.

Founded in 1969 during the E.M.S. Namboodiripad government, KSFE was the first government-owned chitty institution in the country and has remained a profitable public sector enterprise ever since.

With a secure blend of deposit and loan offerings that parallel banking services, KSFE has modernised its operations by introducing its own mobile app and IFSC code to enable smooth digital transactions. Flagship products such as the Pravasi Chit and Division Chit have further widened their reach.

KSFE Chairman K. Varadarajan highlighted the company’s financial contributions to the state. “In the last four years, we extended Rs 504 crore in interest waivers to customers, contributed Rs 920 crore to the state government, and currently maintain fixed deposits worth around Rs 8,925 crore in the State Treasury,” he said.

Managing Director Dr. S.K. Sanil noted that KSFE continues to ensure employment growth and profitability. “We have provided 3,584 jobs through the Public Service Commission. KSFE recorded a profit of Rs 512 crore in 2024-25, reinforcing its status as one of the state’s most profitable public enterprises,” he said.

KSFE’s latest performance highlights include the launch of new chits worth Rs 1,000 crore in the last fiscal year and a gold loan portfolio that has already crossed Rs 10,000 crore this year.

Attractive schemes such as the 8.75 per cent senior citizen deposit plan, gold loans at 4.9 per cent interest, and subsidised loans for women and returning expatriates have boosted customer engagement. The company also spent Rs 16 crore on CSR initiatives.

A major highlight of the inaugural event will be the unveiling of KSFE’s new tagline by the Chief Minister: “KSFE: The Courage of Kerala.”

The slogan is aimed at capturing the institution’s resilience, public credibility, and its role in strengthening the state’s economy and social welfare.