Kerala Financial Corporation announced that it will launch its own debit card. Kerala Financial Corporation is a leading State Financial Corporation. It is the first among government financial institutions in Kerala to introduce its own debit card.
Key Points
- The Chairman and Managing Director of Kerala Financial Corporation, Tomin Thachankary announced that the organization will soon issue five-year Rupay Platinum cards co-branded with public sector banks.
- The debit cards will be issued in line with the guidelines of the Reserve Bank of India.
- Kerala Financial Corporation (KFC) cards can be used as all other regular debit cards for online transactions and at ATMs, POS machines.
- Other than this, the debit cards can be linked to the mobile app of Kerala Financial Corporation for making high-value transactions.
- From now on, loans to KFC entrepreneurs and the repayments will be routed through this channel.
- Kerala Financial Corporation would monitor the end-use of funds effectively when disbursements are made through debit cards.
- Previously, repayment towards KFC loans was being carried out every month. But repayments towards major loans have now been changed to a weekly or daily basis Google Pay or other apps.
- With the launch of the debit card, such repayments can be further simplified.
KFC is also planning to issue debit cards to its employees. Their salaries and other allowances can be paid out in this manner.