KFC to issue Debit Card
Kochi: Kerala Financial Corporation (KFC) will issue debit cards soon. Rupay platinum cards with a validity of 5 years will be distributed in association with public sector banks. The debit card scheme will be implemented as per the RBI guidelines.
It is for the first time in Kerala, a government financial institution is issuing debit cards in the market.
Customers can do all financial transactions through KFC debit card like any other bank card.
Apart from this, customers can carry out financial deals of huge amounts by linking the card to the mobile app of KFC.
With the launch of the debit cards, KFC will use it for distribution of loans to KFC entrepreneurs and repayment of loans.
By launching the loan distribution through the card, KFC will be able to examine the use of funds borrowed by the customers, said KFC CMD Tomin J Thachankary.
The loan repayment will be made easier when the card system comes into force. This will be a major step in switching to the digital system.
Apart from customers, KFC will distribute debit cards to its staff also. Their salary and allowances can be withdrawn through the card.