KSFE PRAVASI CHITS is a unique financial savings scheme introduced for the welfare of the Malayalee diaspora. Chitty Schemes for NRIs have been a longstanding demand of KSFE ever since the largescale migration of Malayalees, majorly to the Gulf region, and their remittances started playing a significant role in Kerala’s Economy. A large number of these migrants live under unstable
and insecure work conditions. It is in this particular context that KSFE has thought about a financial scheme to promote savings among this particular community to escalate their economic stability.
One of the major attractions of this project is that it also gives pravasi’s an opportunity to partake in the overall infrastructural development of the State. In addition to this, the Pravasi Chits also has many features that make it a unique financial saving structure amidst other financial instruments. The application provides for ensuring every chit subscriber through a unique group life insurance scheme providing cover for death or disability. In the untoward event of death of a subscriber provision for transporting the dead body of the unfortunate subscriber to the homeland along with a companion shall be organised by KSFE jointly with NORKA.
The KSFE availing the insurance support shall undertake the responsibility of the chit payment in the event of the insurance covered death and disability. The subscriber also has the option of depositing the prize money in an optional group pension scheme open to chit members by which they would be entitled to an annual pension on return to the homeland.
What makes KSFE Pravasi Chits stand
out from other Chits? The major feature of Pravasi chit is that it is completely run on a web based platform which is made possible with the help of National Informatics Centre. The chit enrollment, KYC services, chit subscription, chit agreement, chit auctions and prize money disbursement shall be managed online through the core chit application. Apart from various State departments like the Taxes, Registration, and NORKA Roots several other stakeholders like KYC agents, Payment Gateways, Legal Advisors, Valuators, and the KSFE Virtual Branch will all be connected in a single string. The service levels of the chit processes of KSFE shall be made more stringent to substantively improve the customer experience. A unified communication system combining voice, audio, video and data along with a digital document file system which will capture the details of the Customer and the Chits.
The application encompasses an effective communication tool which will promote Lead Management, Service request management, and customer management.
Running online ads, generating leads, improvements in sales and after sales service and guaranteeing customer satisfaction are part of this program. The Customer Relationship module fetches information from the KSFE Core Application and the action responses from KSFE field offices. Call Centre Software has all the standard features of a modern contact Centre. Features within the contact centre application are ACD (Automatic Call Distribution), Call Queue, Agent Login, Priority Queue, IVR (Interactive Voice Response), Call recording, Transfer to the agent, CDR
Report (Call Detail Report), Calls by agent report, Agent monitoring, and Call inbound monitoring. The CRM thus invokes all the information regarding the customers and the Chits stored in the Digital Documentation File System, and handles all outbound communications through Emails, SMS and Push messages as reminders whenever necessary.
With digitization into effect, customers can interact with a virtual branch of KSFE anytime throughout the day without bothering about
desk schedules. A Digital documentation repository holds all the details of the Customer and the Chits, any customer registered in the Pravasi Chit shall be represented in a Customer File. It will help to overcome challenges faced during the conventional paper based filing and will help to enable faster decision making, quick processing of files, anytime access to files, efficient scrutiny, error-free file update and real
time tracking and status view. The core concept of Pravasi Chit revolves around a “Customer File” which is used to identify every customer with a unique ID. The Customer File shall provide a 360-degree view to the data/ documents related to the client. Users should be able to search the client’s file using customer name, contact numbers, email addresses, customer Id, or any of the unique Ids provided for his KYC documents.
After the completion of the registration process, a customer can start choosing from an array of chitties
offered by KSFE. However, the type of chitties would differ according to locations and would be decided as per the marketing plan. The customer can select multiple chittal numbers of a chit, subject to an upper limit of 10 percent of total tickets for any chit. The customer needs to add nominees before the subscription of Chit. The share percentage for each nominee can be allotted. After the selection of the chit, the customer can pay the first installment, which should be the original installment amount. Debit card/Net Banking facility can be used for making the payments.
After a particular period online auctions will be conducted at regular intervals by KSFE. An exclusive feature of the KSFE application is that it offers the customers to set the proxy amount, ranging from 5% to 30% of the sala amount, for an auction. The NRI customers who by themselves or through their registered relatives in Kerala might not be able to log in during the auction can use this facility offered by KSFE to take part in the auction without going live during the same. The subscribers shall bid against each other for the prize money.
The winner of the auctions shall select from any of the securities identified by KSFE and submit it in any branch of KSFE. The digital documentation file system will handle these documents to complete the securitization process. The process of the securitization will differ from one to another, depending on the type of security that is being submitted. The verification of the documents will be done by legal advisors and valuators who can access the files from anywhere through the repository.
It is to be noted that the accounting of chit as a financial instrument is a weary process. However, to make Pravasi Chits more transparent an inbuilt accounting technology is integrated in the application to handle all the nitty-gritties of chits. At any stage the customer or KSFE can access the accounts to know more about any financial transaction made. The complete log of operational transactions, auction minutes payments made by the subscriber, credit of prize money due to the subscriber, particulars of transfer of prize money, calculation of dividend, accounting of fixed deposit,etc. shall be recorded by the application with appropriate Management Information System reports for the users.
In Conclusion, KSFE Pravasi chits will give the Pravasi’s the highest Safety and Security on their deposits, unlike other Chit Funds, as it is fully owned by the Government of Kerala. The vision of KSFE is to, “continue to focus on extending resources to Govt of Kerala and sustaining commitment to the weaker sections of society as the neighbourhood institution for support, trust, and security.”
Together with KSFE let us join hands together to transform your lives, improve your savings and build a new Kerala.
