<p>Bengaluru: Chief Minister Siddaramaiah on Saturday launched a dedicated software and mobile application for the state-owned Mysore Sales International Limited (MSIL) chit fund operations, in a major digital push to ensure transparency and prevent financial fraud.</p>.<p>Speaking at the launch, the chief minister highlighted the security of government-backed schemes. “Since MSIL is a state institution, there is no room for the kind of fraud often seen in private chit funds. Our goal is to scale the annual business turnover from the current Rs 500 crore to Rs 5,000 crore within five years,” he said.</p>.<p>Drawing a comparison with Kerala’s state-run financial models, which boast over 45 lakh customers and multi-crore turnovers, the chief minister noted that MSIL has already appointed a former managing director from Kerala’s institution as a consultant to replicate that success.</p>.Karnataka removes land conversion requirement in GBA.<p><strong>Expansion to taluks</strong></p>.<p>Industries Minister M B Patil announced that MSIL will expand its footprint from 27 branches to every district and taluk centre, with a specific focus on rural areas and women’s savings. “We aim to offer returns higher than those available in traditional banks,” Patil stated.</p>.<p>To drive this growth, the government plans to appoint 10,000 agents, including ‘Sakhis’ from women’s self-help groups, hotel owners, and retail grocers. The new digital ecosystem allows participants to pay installments via UPI and participate in bidding online, removing physical barriers to entry.</p>.<p><strong>Canteens for govt staff</strong></p>.<p>In a move to benefit state employees, the government is also mulling opening MSIL stores modeled after Army canteens. “The proposal involves providing essential goods at subsidised rates to nearly 20 lakh families of government employees. A feasibility study is currently underway,” Patil added.</p>.<p>MSIL Chairman Puttaranga Shetty highlighted that the organisation recorded a turnover of Rs 3,882 crore in 2024-25, with a profit of over Rs 122 crore.</p>
<p>Bengaluru: Chief Minister Siddaramaiah on Saturday launched a dedicated software and mobile application for the state-owned Mysore Sales International Limited (MSIL) chit fund operations, in a major digital push to ensure transparency and prevent financial fraud.</p>.<p>Speaking at the launch, the chief minister highlighted the security of government-backed schemes. “Since MSIL is a state institution, there is no room for the kind of fraud often seen in private chit funds. Our goal is to scale the annual business turnover from the current Rs 500 crore to Rs 5,000 crore within five years,” he said.</p>.<p>Drawing a comparison with Kerala’s state-run financial models, which boast over 45 lakh customers and multi-crore turnovers, the chief minister noted that MSIL has already appointed a former managing director from Kerala’s institution as a consultant to replicate that success.</p>.Karnataka removes land conversion requirement in GBA.<p><strong>Expansion to taluks</strong></p>.<p>Industries Minister M B Patil announced that MSIL will expand its footprint from 27 branches to every district and taluk centre, with a specific focus on rural areas and women’s savings. “We aim to offer returns higher than those available in traditional banks,” Patil stated.</p>.<p>To drive this growth, the government plans to appoint 10,000 agents, including ‘Sakhis’ from women’s self-help groups, hotel owners, and retail grocers. The new digital ecosystem allows participants to pay installments via UPI and participate in bidding online, removing physical barriers to entry.</p>.<p><strong>Canteens for govt staff</strong></p>.<p>In a move to benefit state employees, the government is also mulling opening MSIL stores modeled after Army canteens. “The proposal involves providing essential goods at subsidised rates to nearly 20 lakh families of government employees. A feasibility study is currently underway,” Patil added.</p>.<p>MSIL Chairman Puttaranga Shetty highlighted that the organisation recorded a turnover of Rs 3,882 crore in 2024-25, with a profit of over Rs 122 crore.</p>
