The Kerala State Financial enterprises Ltd. (KSFE), a Kerala Government owned Miscellaneous Non-Banking Company, established in 1969 with an impressive growth rate and has a current turnover around 36,000 Crores INR, is planning to roll out Pravasi Chits for Non-Resident Keralites (NRKs), across the globe. To start with it shall be launched in Gulf Co-operation Council (GCC) Countries. Pravasi Chit will work on a technology-based platform, which seeks to provide the entire chit services online.
The Scheme shall be to engage Exchange Houses, Banks, Payment Service Providers or other agencies capable of handling Chit Remittances in the GCC Countries. KSFE shall have an open policy and shall engage agencies satisfying the pre-qualifications for availing the services defined herein. The remittance services shall be the option of the customer and KSFE shall not be liable to ensure availing of such services by the client at all.
The agencies, which satisfy the following criteria, can participate in the Scheme.
- The agency should have valid licenses for providing the services of remittance of money in the GCC Country.
- The agency should have at least three years of operating experience in the GCC Country where they are participating as evidenced by valid certificates from competent authority.
- The agency should have presence (with a minimum of 5 branches) in the countries where they are operating.
- The agency should be capable of handling remittance transactions to India as per the Rupee drawing arrangement approved by Reserve Bank of India.
- The agency shall not be blacklisted anywhere and shall not have any major adverse remarks relating to restrictive business practices.
- The agency shall agree to host the KSFE chit announcement on their website and shall agree to facilitate chit enrollment through mailers, chat messages, IVRS messages and mobile notifications. The agency in turn would be provided dedicated access to the B2B interface for NRI chit application and shall also have the privilege to offer their dedicated payment gateway services to NRI chit customers at rates agreed with KSFE. For customers sourced by the agency the gateway of the concerned agency shall be the default gateway in the NRI chit application.
The Scope of services
There shall be two types of services viz.
- Facilitating services for chit enrollment.
- Remittance of monthly subscription and other payments.
The Services for enrollment shall be done through the dedicated application interface provided by KSFE. The application requires the agency to fill up 60 mandatory fields and 19 optional fields in the online form.
The remittance of monthly subscription shall be done through a dedicated application interface which requires the agency to fill up 7 fields.
Maximum Retail Rate per enrollment and per payment(RR) that can be realized from subscribers by participating agency
In Indian Rupees
|Monthly Subscription for the Chit||Commission for facilitating enrolment and first instalment||Remittance fee for chit subscription (2nd instalment onwards)|
Volume discounts from the above rate for enrollment and subscriptions as per the following table will be extended to the subscriber.
|No of Subscribers||Retail Rate (Volume discount extended to customers. RR in Table below refers to the respective rates in Table above.|
0.9 of RR
0.7 of RR
0.6 of RR
0.5 of RR
The above rates will be revisited after one year period.
High level overview of the services
A High-level overview of the services to be offered by the agency is provided below.
As could be seen remittance services is the main activity to be done by the agent. This is related to enrollment and subscription demand generated through the core application. A 24 x 7 contact center established exclusively for NRI chits shall have a separate B2B skill set provisioning for agency support.
Immediately after the approval of enrollment by the Virtual Branch, the subscriber gets registered in the NRI database of the core application. The customer interaction will be managed by the CRM. This shall be followed by initiation of a process of enrolling in chits as per the subscriber’s interest. The application provides for demand generation monthly for each subscriber based on which payment could be made.
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