Kotak Mahindra Bank [KMB] has launched instant fund transfer service through Facebook. With the help of Facebook, one user can send money to their friends in the social media network in real time and that too absolutely free. KMB has used the IMPS platform on the National Payments Corporation of India [NPCI] network to make this possible service.  There will be no charges either for sending or receiving money.

Rs 2,500 is the limit of transaction and a user can send Rs 25,000 per month. For this a sender and beneficiary will have to register in 'KayPay' and give details of their respective bank account. Reserve Bank of India [RBI] and NPCI are closely working with KMB to monitor this service.

“We wanted to make fund transfers for small amounts as less cumbersome as possible,” said Deepak Sharma, KMB's executive vice president and head of digital initiatives. If this attempts succeeds more private sector banks might also get into it.

(AW: Vamshi)