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‘Banks reluctant to offer loans to expatriates’

Paloli Mohammed Kutty

MALAPPURAM: Minister for Local Administration Paloli Mohammed Kutty has blamed banks for dissuading expatriates from availing themselves of loans. Many banks that accepted deposits from expatriates were reluctant to offer loans to them, the Minister said.

He was inaugurating the Kerala State Pravasi Kshema Vikasana Sahakarana Sangham here on Sunday.

The cooperative body, to be known as Pravasis Ltd., would be a solution to the problems faced by expatriates, he said. Mr. Mohammed Kutty went on to add that no previous government in the State had bothered to implement any projects for the expatriates with their money.

The government would mobilise Rs.50 crore through Pravasis Ltd. and would offer high interest and security, which many such schemes lack.

Rehabilitation of expatriates would also be given priority, said Manjalamkuzhi Ali, MLA and president of Pravasis Ltd.

Presiding over the function, Mr. Ali said that about 30 lakh non-resident Malayalis had sent about Rs.68,000 crore to Kerala last year. But the State failed to utilise it properly, he said.

The amount the whole country got from its NRI population in the last year was Rs.1,25,000 crore.

Kerala’s intake of NRI money was much more than the average.

Pravasis Ltd. will offer shares at a unit rate of Rs.1,000.

Only NRIs and expatriates can buy the shares. The government offers the shareholders a profit of up to 20 per cent.

V.K. Abdul Khader, MLA; district panchayat president Arimbra Mohammed; District Collector M.C. Mohandas; Malappuram municipal chairman Kiliyamannil Yakoob; District Cooperative Bank president M. Abdullah; and Pravasi Ltd. secretary K. Vijayakumar addressed the gathering.

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