The Kerala State Financial Enterprises (KSFE) has to recover a total of ₹3,736 crore in chit arrears and loans as on March 31, 2021.
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According to data received under the Right to Information (RTI) Act by Raju Vazhakkala, KSFE had a total liability of ₹330 crore in 2011. Since then, the liability has gone up to ₹3,736 crore.
Data released by the government-owned company said it had made a profit before tax of over ₹1,405 crore between April 2011 and March 2020. The profit before tax in 2011-12 was ₹115 crore, while it was ₹105 crore in 2019-20. The results for 2020-21 is under audit.
Founded in 1969, KSFE has a huge network and is largely engaged in chit and gold loan business. It has around 46 lakh customers and an annual business turnover of around ₹59,000 crore. The financial enterprise has 7,900 employees.