It has been reported that the famous gold finance company Muthoot Finance is waiting for the RBI’s approval to launch new pre-paid cards. Muthoot finance which has entered the White Label business is now planning to come up with prepaid cards.
Chief executive of the company stated that an amount can be pre loaded on this card, and gold loan customers can withdraw and us this amount whenever required. Further he added that money can be withdrawn from any ATM or 9,000 white label ATMs that Muthoot Company is planning to set up in coming three years.
For the farmers a similar scheme is already there in existence under the kisan credit card program. Yesterday Company also established its 15th ATM in Mumbai. Muthoot Finance has also requested the RBI to allow it to launch a special card to take care of remittances, under which a receiver could be able to make use of ATMs to withdraw transferred amounts. The company is waiting for the final nod from the apex bank.