Muthoot Pappachan Group ties up with Axis Bank

Aiming to take sophisticated financial solutions to the remot parts of the country, Kerala-based Muthoot Pappachan Group today launched two new facilities - Electronic Data Capturing Machine (EDC) and Travel Currency Cards - in all their 211 foreign exchange branches.

The group, which has tied up with Axis Bank to offer the facility, hopes to extend the facilities to all its branches, across India, in different stages, Muthoot Group CEO, R Manomohanan, told reporters here.

EDC machine a credit/debit card swiping machine through which VISA or MasterCard Cards issued by any bank could be swiped for cash withdrawal or for making payments. EDCs are the sole property of Axis Bank Ltd. and under the present tie up under Merchant Establishment Agreement between Muthoot Pappachan Group and Axis Bank, these are being installed in the branches of Muthoot Pappachan Group.

The proceeds of the withdrawal could be used by the cardholder either for his personal use or for the payment of any of the products or services of Muthoot Pappachan Group, he added.

Customers of Muthoot Pappachan Group can swipe their cards at the EDCs to repay gold loans, subscribe to 'swarnavarsham' scheme and purchase insurance products and foreign exchange.

The Visa Travel Currency Cards have been launched for those travelling abroad and students studying outside India. Against payment in Indian Rupees by the customers, equivalent foreign currency would be loaded in the card, Manomohanan said.

This card works as a debit card, facilitating both cash withdrawals from ATMs and also for online purchases. "The travel currency card is available in nine different currencies," he added.

The cards could be loaded in any of the 211 designated branches of Muthoot Pappachan Group across the country and the currency exchange rates for loading the cards are on par with spot rates. Compared with the issuance charges of 1.25% for Travellers Cheques, the card activation fees are a mere Rs186 per card, he said.

The validity of the card is five years from the date of activation and it could be loaded any number of times in any of the branches of Muthoot Pappachan Group.

Similarly the unused foreign exchange balance could be withdrawn in any of the designated branches of Muthoot Pappachan Group across India.