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Facebook is not just for exchanging news or photographs with your friends, if you sign up for Kotak Mahindra Bank’s new KayPay service. What’s so different about it?
Well, it’s a payment product for Facebook users to send money to each other, at any time. With this, the need for bank accounts, working with NEFT clearance timings and rules are done away with. Instead, the transfer rides on the IMPS technology (used in mobile phone transfers).
KayPay’s mechanism involves a two-step authentication process — the Facebook user ID and a one-time password. Notification of transfer will be sent through Facebook messages and SMS.
To use the service, a one-time registration of your existing bank account on Facebook or at > www.kaypay.com is required. As of now, there’s no cost incurred in availing of this service.
Bonds on offer
IFCI’s NCD issue opens today and closes on November 21. The minimum investment required is ₹10,000 (translating into 10 NCDs of ₹1000 each). Both interest payout and cumulative options are available across time frames.
For a five-year investment, retail investors will earn 9.9 per cent interest. A monthly interest payout option in the five-year NCD is available as well at 9.5 per cent. For an investment period of seven and 10 years, the rate is 10 per cent. Here, interest will be compounded annually.
IFCI is a government-owned NBFC that provides financial services to sectors such as power, oil and gas, mining, and so on. Its credit rating is BWR AA- by Brickwork Ratings and ICRA A. Through this NCD issue, the company seeks to raise ₹250 crore with an option to retain oversubscription up to ₹2,000 crore.
In the pipeline
Those living in the six metro cities will see the number of free transactions at other bank ATMs cut to three per month from November 1.
According to news reports, banks are also planning to bring cities abutting the metros into the metro net as well, though it is not definite yet.
The other news is that pension regulator PFRDA may approach the Finance Ministry seeking to make withdrawals exempt from tax under the National Pension System.
If this effort pays off, the NPS will become a more efficient investment tool.
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