The Kerala Financial Corporation (KFC) will introduce its own debit card that can be used in ATMs, PoS machines, and for online transactions.
“Customers will soon be issued five-year Rupay Platinum cards, co-branded in association with public sector banks” KFC Chairman and Managing Director Tomin J. Thachankary said on Monday.
The cards will be issued in line with the Reserve Bank of India (RBI) norms. In addition to the facilities provided by other debit cards, the cards can be linked to the KFC’s mobile app for making high-value transactions. Loans to entrepreneurs can be disbursed and loan repayments made through this channel.
To employees too
Mr. Thachankary said the corporation would be able to monitor the end use of funds effectively, when they are disbursed through debit cards. Repayment of major loans of KFC are now done using systems such as Google Pay. With the card system, such repayments can be simplified and will enable a major shift to a fully digitalised system.
The KFC will also issue debit cards to its employees. This is the first time in the State that a government financial institution is launching debit cards, Mr. Thachankary said.
