Wednesday, February 25, 2009

Infinity, Reliance Money in partnership

INFINITY Financial Solutions, one of Malaysia’s major offshore life brokers, has tied up with India's Reliance Money to offer financial services to non-resident Indians in Malaysia.

Through the partnership, Infinity will offer the entire line of Reliance Money’s life insurance services.

Tuesday, February 24, 2009

Reliance Money launches mobile trading portal

MUMBAI: Aimed at increasing number of mobile savvy investors, Reliance Money, part of the Anil Dhirubhai Ambani group, on Tuesday introduced a mobile trading portal in both equities and commodities across all mobile platforms supported by any technology. With this service, investors can trade in both equity exchanges NSE and BSE and in three commodity exchanges NCDEX, MCX and NMCEIL.

The service is launched in association with three technology partners Volantis Systems, Wipro Infotech and Religare Technova. While Volantis is the mobile platform provider for the service, Wipro develops and customizes the system on Volantis application. Religare Technova provides the support for integration of the Volantis application to the trading engine.

"Today, even a farmer in a village in Madhya Pradesh uses mobile to check commodity prices. Investors who are increasingly getting conversant with mobile usage, need a one window – 'on-go' service so that they can trade anywhere, even if they are traveling," said Sudip Bandyopadhyay, director and CEO of Reliance Money.

"Mobile trading is an additional facility provided to our existing customers. We do not expect any business volume for this."

The existing demat account holders of Reliance Money need to download the device from their respective telecom provider, for which they will be charged a nominal amount. There is no service charge levied by the Reliance Money for the said service, which includes features like market watch, buy/sell, full stock quotes, contract information, add script, delete script and reports.

However, with this initiative, the company will be tapping the approximately 347 million telecom user base in India, with its service.

Added Bandyopadhyay, "through this service, we want to create a whole new segment of investors who do not have access to the Internet."

Monday, February 23, 2009

India Post to enter gold retail trade

THIRUVANANTHAPURAM: The Kerala circle of India Post is preparing to enter the gold retail trade as part of a business diversification initiative of the Department of Posts. Customers can now walk into a post office and buy pure 24 carat gold coins certified by the Swiss precious metal company Valcambi.

The scheme will be launched in selected post offices in the State by the end of the month. The initiative, being launched in association with Reliance Money Ltd (RML) and World Gold Council, will enable customers to buy gold coins of various denominations from post offices. Initially, the department plans to sell 0.5 gm, 1 gm, 5 gm and 8 gm gold coins packed in tamper-proof sealed covers.

“India Post has already launched this scheme in a few other circles, including Delhi, Maharashtra, Gujarat and Tamil Nadu, where it has been received well. We are planning to launch the scheme in Kerala circle before the end of February,” said Southern Region Headquarters director Govinda Rajan.

Mr. Rajan said in the first phase, gold coins would be sold through 18 post offices in the Thiruvananthapuram, Kochi and Kozhikode regions and selected post offices in Kottayam and Alappuzha districts.

Senior officials of the Department of Posts had already been given training in handling the RML software for transactions. Every customer will be given an invoice or bill detailing the transaction. While the department will be earning an amount as commission, RML will also bear the service tax on the commission paid to India Post.

The stocking and sale of gold coins in the post offices will be under the direct supervision of the respective postmasters. The postmaster will be required to check the RML web site on a regular basis for the latest updates of gold rates and discounts. “We already have ample security features in our post offices for stocking valuables. However, under this scheme we will not be maintaining a huge stock of gold coins. The supply of gold coins in the various post offices will be replenished by RML according to the movement of the coins,” Mr. Rajan said.

The sale of gold coins through post offices is a continuation of India Post’s attempts to capitalise on its vast network for diverse business initiatives. The Kerala circle is already offering various Union Public Service Commission (UPSC) applications and Sabarimala temple prasadam as retail products to its customers. Apart from the reach of its network and the credibility of the department, customers buying gold coins from post offices can also bank on the special discounts offered during festival seasons.

Sunday, February 22, 2009

Reliance Money goes ahead of Thomas Cook to become biggest currency exporter

Reliance Money has overtaken Thomas Cook to become the largest aggregator and exporter in the currency business.

Reliance Money Express became the No. 1 wholesaler by reaching the target of exporting Rs 10,000 crore in this fiscal. “We buy currencies from retailers and export them to banks overseas. We have gone ahead of Thomas Cook, which was the biggest wholesaler till now,” Sudip Bandyopadhyay, CEO of Reliance Money, told The Telegraph.

The Bank of America and Emirates Post are the key importers of currencies. Reliance Money Express is the sole authorised agent of the Bank of America in Southeast Asia and is looking to tie up with other overseas banks.

The financial services and solution provider mainly exports currencies such as the swiss Franc from its two hubs in New Delhi and Cochin.

There are around five major currency aggregators in the country, with Thomas Cook and Weizmann being the key players.

Reliance Money has been able to command a leadership in the wholesale segment because of its competitive margins, Bandyopadhyay said.

“Margins or pricing have to be competitive for retailers to sell their currency to us,” he said. The Anil Ambani firm has made deep inroads into north and south India and is looking to enhance its presence in the western parts of the country, where Thomas Cook is big.

Reliance Money Express was formed after the Anil Ambani group acquired Travelmate Services Pvt Ltd — part of Kuoni Group — in 2006.

The company is now a wholly owned subsidiary of Reliance Capital.

Travelmate has been in the money transfer and money changing business since 1993. Subsequently, it also acquired a stake in Wall Street Finance, which consolidated its position in the foreign exchange and money remittance services business.

Friday, February 13, 2009

Reliance Money targeting 10 mln customers, more rural outlets

NEW DELHI, Feb 13, 2009 -- RELIANCE MONEY, India's leading financial products distribution firm, is aiming to cross the 10 million customers mark by the end of next fiscal, with over 30 per cent of new clients expected from semi-urban and rural areas. "We are targeting to cross the 10 million customers mark by the end of next fiscal. Out of this, 2-3 million are likely to come from the semi-urban and rural areas which have seen 100 per cent growth in the past year," Reliance Money CEO and director Sudip Bandhyopadhyay said.

* Further, the Anil Ambani group firm, which currently has over 10,000 outlets in over 5,000 locations across the country, is planning to double the number of outlets during the next fiscal.

* Reliance Money provides customers access to equities, equity options and commodities futures, wealth management, portfolio management services, mutual funds, IPOs, life and general insurance products, credit cards, money transfer, currency exchange and gold coins.

Monday, February 2, 2009

Reliance Money launches e-magazine “Money Advisor”

Reliance Money, part of the Reliance Anil Dhirubhai Ambani Group, has notified that it has launched an online magazine 'Money Advisor' that deals with mutual funds as a part of its investor education drive.

The company claims that 'Money Advisor' would be the first e-magazine of the country that deals in equity and debt funds.

The magazine aims to provide a synopsis on the mutual fund industry and include the latest trends in AUMs, overview and recommendations on equity and debt funds, performance snapshot, interest rate scenario and fixed income update, economic review apart from sector updates.

In addition, the magazine will also have views shared by various Fund Managers/ CIOs and an investor education series.

A company official stated that the company would mail 'Money Advisor' to all customers and distributors of Reliance Money.

It may be noted that currently, the company has over three million customers and more than 10,000 outlets across 5,165 cities and towns.