THIRUVANANTHAPURAM: In a first for a government-run financial institution in the state, Kerala Financial Corporation(KFC) will come out with a debit card for loan sanction and repayment for customers. “The customers will soon be issued a five-year Rupay Platinum cards, co-branded in association with public sector banks” said Tomin J Thachankary, chairman and managing director, KFC, while underscoring the fact that the corporation is the pioneer.
Henceforth, loans to KFC entrepreneurs and the repayments will be made through this channel. According to Thachankary, the corporation will be able to monitor the end use of funds effectively when disbursements are made through debit cards.
The KFC debit card can be used at ATMs, POS machines and for online transactions, just like any other debit cards. The cards can be linked to KFC’’s mobile app for making high value transactions.KFC had recently changed the repayment structure of major loans from monthly basis to weekly and daily basis. With the introduction of the card system, such repayments can be simplified.