e-Sale portal to make Kerala Fin Corp’s auctions transparent & easy

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Tvm: The auction of assets taken over by the Kerala Financial Corporation (KFC) will be a transparent, fair and easy affair with the launch of KFC’s e-Sale portal. The online auction facility on KFC’s website was inaugurated by the State Finance Minister, Shri K M Mani in Thiruvananthapuram on November 30, 2011.  He also launched the Core Financial Solution project of KFC which was developed as part of computerising the entire office procedures.

In his address, the Minister said, “The sale of assets which KFC takes over from loan defaulters under Section 29 of the State Financial Corporations (SFC) Act 1951 will be more transparent and impartial when done online. This would bring in wider participation and thus better prices for the assets”. He also announced that KFC will be converted into a paperless organisation.

In a release, Yogesh Gupta IPS, CMD, KFC said, “A person sitting anywhere in the world can participate in the e-tender / e-auction process and make e-payment for EMD as well as final sale price, obviating any need for personal interaction with Corporation’s staff eliminating any unhealthy practices. The details of assets for sale are put up on the e-Auction site. A bidder who wishes to bid for the property has to register with KFC and after logging in to the KFC website, can participate in the auction sale. The entire process of posting auctions, bidding and selecting of successful bidder will be done online”.

The core financial solution to fully computerise the loan accounts and automation of office procedures has been developed by Tata Consultancy Services (TCS).

The Travancore Cochin Financial Corporation, established in 1953, was renamed as Kerala Financial Corporation in 1956. KFC is a trend setter and path breaker in the field of long term finance, playing a major role in the development and industrialisation of Kerala. Today KFC has 16 Branch Offices with its Head Quarters at Thiruvananthapuram and Zonal Offices at Kozhikode, Ernakulam and Thiruvananthapuram.

Kerala IT News

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