Private sector lender Kotak Mahindra Bank (KMB) today launched a - TopicsExpress

Private sector lender Kotak Mahindra Bank (KMB) today launched a Facebook-based instant fund transfer service wherein one can send money to friends on the social media network real time, for free. “This is a bank agnostic product, the sender and the receiver may not be our account holders. We have used the IMPS platform on the National Payments Corporation of India (NPCI) network to make this possible,” KMB’s executive vice president and head of digital initiatives, Deepak Sharma, told PTI over phone. At present, a sender can initiate fund transfer to any person through mobile phone, courtesy the IMPS infrastructure. The IMPS platform has 28 banks under it and account holders of any of these banks can use the newly launched service, Sharma said, adding that there will be no charges for either sending or receiving the money . rgfacebook/now-send-money-facebook-friends-free/

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