Chief Minister Pinarayi Vijayan, Finance Minister KN Balagopal and KSFE chairman K. Varadarajan to celebrate the success of one lakh crore store in Thiruvananthapuram on Wednesday. | Photo Credit: Nirmal Harindran
For Keral and the State Financial Sector, it is a matter of great pride that state financial companies in Kerala (KSFE) recorded a business turnover of 1 Lakh Crore, said Chief Minister Pinarayi Vijayan here on Wednesday.
At the transition of the milestone, the KSFE represents a trusted financial model that remains persistent in crisis, said Mr. Vijayan and inaugurated the post where KSFE was formally announced. At a time when the public sector businesses are immersed in the country in the crisis resulting from erroneous policies, the KSFE represents an alternative that has people’s confidence. The institution has a major role in the transfer of the concept of “Nava Keralam”, the main minister said.
The KSFE was founded in 1967 under the leadership of PK Kunju, who was Minister of Finance at the Ministry of EMS namboodiripad. It was assumed that as an alternative to the Chitty sector, dominated by loans sharks. The KSFE has passed a long way from the modest beginnings, Mr. Vijayan said.
The institution, which started with ten branches and capital 2 lakh, now has 683 branches and a business volume over 1 lakh crore. When the LDF government came to power in 2016, KSFE’s business turnover was CZK 30,000 GBP Crore. Operating profit increased from 236 crore to 500 crore, said Mr. Vijayan.
The KSFE became a financial institution that was very close to other countries, said the Minister of Finance KN Balagopal, who chaired. Mr. Balagopal also announced rebranding Chitty as a “fraternal fund”. The Minister of Food and Civil Needs of GR Anil launched the “samriddhi” gift card. Antony Raja, MLA, KSFE chairman K. Varadarajan and CEO of SK Sanil were present.
Published – August 13, 2025 20:58
