Thiruvananthapuram: Over 70,000 NRKs have so far evinced interest in Pravasi Chitty, the ambitious initiative through which Kerala Infrastructure Investment Board (KIIFB) aims to mobilise Rs 10,000.
Of them, over 10,000 people have shown additional interest by providing their particulars, and 6,000 complied with KYC formalities indicating their intention to subscribe.
“We are moving forward. Like other sectors floods had affected us as well slowing down the process to some extent," said KSFE managing director A Purushothaman. "But things have started looking up. Yesterday I got information from SBI that one exchange company in Oman has already received the approval from the sultanate's central bank."
He said meetings with three main bankers were over and principle agreement reached with some money exchange firms.
"Chitty announcement and auction are two big things slated to happen over the next two-three months," he said.
After the launch by the first week of October, he hopes to complete subscriptions within a month, and the auctions will begin sometime in November.
Contrary to the fear that floods would adversely affect the contributions, officials said the response was very encouraging. Many are joining the chitty responding to the chief minister's call to participate in the rebuilding of Kerala.
The chitty was initially to fund the Rs 12,000 crore coastal and hill highways. But in the post-flood scenario, the projects are likely to be reprioritised with a major push for rebuilding the devastated infrastructure.
Highlights of Pravasi chitty
Special feature of the Chitty is the inbuilt insurance and pension package by LIC.
Every member will come under insurance coverage.
The entire system has the government guarantee
Pravasi Chitty to function completely online.
An advanced online technology platform has already been put in place.
Facility to participate in the online auction from any part of the world.
