Headlines
Kerala to have asset management company serving NRIs too
Thiruvananthapuram, Sep 25
The Kerala State
Planning Board is going to set up an Asset Management Company (AMC) in
which Kerala's diaspora would be able to participate, its vice-chairman
said here on Friday.
K.M. Chandrasekhar, former cabinet secretary
and presently the vice-chairman of the Kerala State Planning Board,
said this while talking to a group of select mediapersons, adding that
the basic aim in setting up this new company was to tap funds for long
term infrastructure projects.
"Now it's a matter of time that
this new AMC is in place as it has got the clearances, which includes
from the SEBI," said Chandrasekhar, adding that this is part of the
changes that the board has been undertaking and one segment "that
requires a better focus is infrastructure".
"We have classified
the infrastructure needs into short, medium and long term and the new
AMC will concentrate on raising funds for major projects," he said.
Chandrasekhar
said that though banks in Kerala were flush with non-resident deposits,
it was easier said than done that such funds could be directed for
developmental activities.
"The owners of the funds know exactly
where they wish to invest and they are doing it also. In the AMC, the
diaspora can participate and park their funds and it would be safe
also," said Chandrasekhar.
The deposits of non-residents' (NRIs)
in Kerala banks have reached Rs.1,17,349 crores as on June 30, 2015,
according to the State Level Bankers Committee report.
He also
said the three major cities in the state - Thiruvananthapuram, Kochi and
Kozhikode - would have free wi-fi facility by December.