Kerala Financial Corporation, a leading State Financial Corporation, is the first among government financial institutions in Kerala to introduce its own debit card. “We will soon issue five-year Rupay Platinum cards co-branded with public sector banks,” according to Tomin Thachankary, Chairman and Managing Director.
The cards will be issued in line with Reserve Bank of India guidelines, he said. Kerala Financial Corporation (KFC) cards can be used at ATMs, POS machines, and online transactions just like any other regular debit card. Besides, they can be linked to the KFC mobile app for making high-value transactions.
From now on, loans to KFC entrepreneurs and the repayments will be routed through this channel. The Chairman and Managing Director also said that Kerala Financial Corporation would monitor the end-use of funds effectively when disbursements are made through debit cards.
In the past, repayment towards of 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 introduction of the debit card, such repayments can be further simplified.
This is an important step towards facilitating the shift from currency transactions to a fully digitalised system, Thachankary said. The Corporation also plans to issue debit cards to its employees. Their salaries and other allowances can be paid out in this manner.