Kerala to roll out savings scheme for expats in the UAE

The UAE houses 2.8 million Indian expats and almost half of them are from Kerala. The Kerala government is set to launch a savings scheme for expats from the south Indian state. Non-resident Keralites can pool money into the scheme, which will be an investment for them once they return to their motherland. The Pravasi Chitty scheme by Kerala State Financial Enterprises (KSFE), a non-banking company fully-owned by the Kerala government, is expected to be launched in the UAE next month, top government officials from the state have revealed. The scheme will be rolled out later in other GCC countries as the government targets at least 100,000 subscribers in the first year.

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The Kerala government is set to launch a savings scheme for expats from the south Indian state. Non-resident Keralites can pool money into the scheme, which will be an investment for them once they return to their motherland. The Pravasi Chitty scheme by Kerala State Financial Enterprises (KSFE), a non-banking company fully-owned by the Kerala government, is expected to be launched in the UAE next month, top government officials from the state have revealed. The scheme will be rolled out later in other GCC countries as the government targets at least 100,000 subscribers in the first year.

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By enrolling into this scheme, expats will receive many benefits–insurance, pension, etc. All process can be done online and the logistics are being set this month. A 24 x 7 office will soon be operating in the state capital, Thiruvanantapuram,” Peelipose Thomas, KSFE Chairman said.

Source Credit: Khaleej Times
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