Corporation Bank launches mobile payment platform from eMudhra Consumer Services

The mobile payment solution is called CorpMcash

Corporation Bank has launched CorpMcash, an easy and secure mobile payment platform from eMudhra Consumer Services.

The mobile payment solution is called CorpMcash. The process is simple and convenient for both consumers and merchants for making and receiving payments through their mobile phones without having to divulge any information such as phone numbers or account numbers.

Under CorpMcash, a customer has to apply for registration with the Bank and subscribe for a virtual prepaid account. After processing the application the customer will get an SMS on his mobile to download the mobile application and activate it. As per the subscription, a prepaid virtual account will be opened with the Bank. He can recharge the prepaid account either online or through the Bank's branch.

For payment at merchant terminals the customer has to invoke the application on his mobile phone which will generate a unique 2D bar code. The merchant who has this facility will scan the barcode through his mobile phone (camera) and transmit it to the processing server. The server will check/authenticate and process the transaction and confirm both the customer & the merchant by sending a confirmation SMS.  

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Reliance Mutual Fund floats Fixed Horizon Fund-XVIII-Series 10

Reliance Mutual Fund new issue closes on 26th April

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XVIII-Series 10, a close ended income scheme. The tenor of the scheme is 92 days from the date of allotment.

The investment objective of the scheme is to generate regular returns and growth of capital by investing in a diversified portfolio of central, state government securities and other fixed income/debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility. The scheme offers two options viz. growth and dividend payout option.

The scheme will allocate up to 85% of assets in money market instruments with low to medium risk profile. On the flipside it would allocate 15% to 100% of assets in government securities issued by central &/or state government & other fixed income/debt securities but not limited to corporate bonds with low to medium risk profile.

The new issue opens for subscription on 21st April and closes on 26th April.

The minimum investment amount is Rs5,000. The exit load charge will be nil for the scheme. CRISIL Short Term Bond Fund Index is the benchmark index for the scheme. The fund manager of the scheme will be Amit Tripathi.

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ICICI Prudential Mutual Fund unveils monthly income plan

ICICI Prudential Mutual Fund new issue closes on 27th April

ICICI Prudential Mutual Fund has launched ICICI Prudential MIP 5, an open-ended income scheme.

The scheme seeks to generate regular income through investments in fixed income securities so as to make regular dividend distribution to unit holders seeking the dividend option. The secondary objective of the scheme is to generate long-term capital appreciation by investing a portion of the scheme's assets in equity and equity related instruments.

The new issue closes on 27th April. CRISIL MIP Blended Index is the benchmark index. Chaitanya Pande (debt portion) and Mrinal Singh (equity portion) are the fund managers.

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