Kerala government to start registration for its ambitious NRI chit scheme

It will enable online banking facilities along with a specially designed mobile app so that anybody from anywhere in the world can take part in the scheme

Kerala government is planning to start accepting investments for the proposed Pravasi Chit scheme, a chit fund scheme for Non-Resident Indian (NRI) Malayalee diaspora, by the beginning of August this year. The ambitious project is likely to raise around Rs 100 billion for infrastructure projects in the state.

The state government will start registrations for the project from Monday. Some of the other states like Andhra Pradesh and Karnataka have also evinced interest to replicate the model, according to reports. 

The chit fund will be operated by Kerala State Financial Enterprise Ltd (KSFE) and the money would be deposited in