THIRUVANANTHAPURAM: Kerala financial corporation will soon issue debit cards. KFC MD Tomin J Thachankery has said that the new debit cards will be issued in association with public sector banks. “These cards will be branded by public sector banks and cards will be issued in Rupay and platinum formats. The cards will be activated as per the guidelines of RBI. It is for the first time in the state that a government financial institution is issuing debit cards,” Thachankary said.

KFC cards can be used to make any economic transaction done with an ordinary debit card. Along with this, if the cards are connected with KFC’s mobile banking app then transactions of large amount could be also undertaken. From now on, the issuing of loans to entrepreneurs and its repayment will be done through the cards. “When the distribution of money is undertaken through cards KFC can monitor directly the utilisation of funds,” Thachankery said.

Earlier, the repayment of loans to KFC was undertaken on a monthly basis. But now it has been changed to weekly or daily basis. This has been implemented with facilities such as google play. If card facility is put in place, then it will facilitate such transactions. This is another step towards the digitalisation of transactions and corporation staff will be also given the debit cards.