Distribution of gold cards, launch of new software for contractor loans, and declaration of annual financial are also packed into the event, an official spokesman said

Kerala Chief Minister Pinarayi Vijayan will inaugurate a business conclave to be organised here by Kerala Financial Corporation (KFC), a leading state-run industrial financing institution, on May 29. The state’s Finance Minister Thomas Isaac will also be attending the event.

The business conclave will feature a series of programmes including felicitation of best branches and best entrepreneurs.

Distribution of gold cards, launch of new software for contractor loans, and declaration of annual financial are also packed into the event, an official spokesman said here.

Gold card benefits

The best entrepreneur awards will be focus on micro, small and medium enterprise (MSME) sector in different categories such as manufacturing, services, best women entrepreneur and best first line entrepreneur.

Customers having a credit rating of above 70 per cent with three year's good repayment track record will be eligible for the gold card. They are eligible for low rates of interest and other facilities.

Over the course of the financial year just completed, the Corporation has undergone a complete transformation, the spokesman claimed.

Not only has the lending business tripled, the Corporation also became more client-focused and competitive with a focused business strategy and vigorous marketing efforts.

As a result of these far reaching changes, it has acquired a new image among the state's MSME sector of being a 'partner of choice.'

Future plans

The Corporation has now put together plans to double the portfolio over the next two to three years, and financial year 2018-19 has already given it a strong head start, the spokesman said.

With the 'tremendous' success of new base rate structure coupled with launch of new products such as contractor’s loans and bill discounting, FY 2019-20 could see the portfolio cross the Rs 3,500-crore mark.

Together with the improving quality of portfolio and reduction in NPAs, this is bound to lead to an enhanced rating for KFC thereby yielding a lower cost of funds. These would further allow it to serve clients even better.

“The new contractor loan scheme launched has been a solid hit," said Sanjeev Kaushik, Chairman and Managing Director of the Corporation.

"As many as 145 new government contractors could be supported and a Line of Credit to the tune of Rs 650 crore sanctioned to them for undertaking various infrastructure activities in the state”, Kaushik added.

Published On : 16-05-2019

Source : The Hindu Businessline