Reliance Money ties up with ANaRDe Foundation, also launches free trading account for Gujarat
Ahmedabad, November 13, 2007: Reliance Money, the financial services and products distribution arm of Reliance Anil Dhirubhai Ambani Group, today announced a unique tie up with ANaRDe Foundation, a non-profitable charitable organization, to popularize a disciplined financial investment culture in the rural and remote population of the country. The company also unveiled a limited free trading account offer for its consumers in Gujarat. This offer would be available through all Reliance Money outlets in the region. These announcements were made by Mr. Sudip Bandyopadhyay, Director and CEO of Reliance Money and Mr. Kapoor Chandaria, Chairman, ANaRDe Foundation at a press conference today. “Through this tie-up, Reliance Money plans to reach out to more than 22lakh people across 16000 Villages in 79 Districts & 18 States, currently being serviced by ANaRDe, with its bouquet of financial services and products. We will work with ANaRDe’s Self Help Groups to ensure that appropriate financial guidance is available to the rural masses that will help them in taking informed and beneficial investment decisions”, said Mr. Bandyopadhyay “We have worked many years within the rural areas meeting their requirements and uplifting the quality of their life through our expert management of resources. It is our pleasure to now have on board an expert like Reliance Money who will help manage a key resource – their money - and help in their economic upliftment”, said Mr. Chandaria. ANaRDe, in collaboration with various leading organizations, has initiated a Water Health project that entails setting up Pure and Clean Drinking Water booths in 5500 rural & semi urban areas in the country. These booths demonstrate hygienic processing of water in convenient high footfall areas of the villages and provide clean and pure drinking water to villager at affordable costs. “Reliance Money will strengthen this initiative by setting up Personal Financial Services (PFS) desks alongside the booths. These PFS desks will be manned by members of SHG trained to sell financial products by Reliance Money” said Mr. Bandyopadhyay. The company today also launched a free trading account for its customers in Gujarat opening demat accounts with them. This initiative is primarily targeted at increasing the penetration of demat accounts in the country - something which has remained stagnant at around 6 million for last few years. Reliance Money is the first company in India to offer a flat fee structure to its customers for trading in stocks, commodities etc. on its trading platform, a deviation from the industry practice of charging percentage brokerage per transaction. “Our entire business model aims to significantly increase the market size, rather than capture major portion of the existing market. We feel that a sizeable portion of Indian investors are not participating in the market for various reasons – accessibility of service from a reputed brand and price entry barrier being two of them. We have addressed both these concerns with this first-of-its-kind limited period offer," said Mr. Bandyopadhyay Under this scheme, Reliance Money would be waiving off Rs 500, charged for trading upto Rs 5 lakh, for first year, in case the customers open account with Reliance Money during the next few weeks. Customers wanting to trade beyond Rs 5 lakh would have to pay Rs 500 for trading upto Rs. 1 crore (for two months) or Rs 2500 for Rs. 6 crores (for one year). There would, however, be a one time account opening charge of Rs 750. Reliance Money, present in over 700 cities in India with over 3500 outlets, would be focusing on semi-urban and rural areas with this initiative. About Reliance Money Reliance Money is a comprehensive financial services and solution provider. Its endeavor is to change the way India transacts in financial markets and avails financial services. Reliance Money provides a single window, enabling customers to access, amongst others, Equity & Commodity Derivatives, Mutual Funds, IPOs, Life and General Insurance Products, Offshore Investments, Money Transfer, Money Changing, Gold Coins and Credit Cards. Reliance Money is a group company of Reliance Capital – one of India’s leading and fastest growing private sector financial services companies, ranking among the top 3 private sector financial services and banking companies in terms of net worth. Reliance capital is a part of the Reliance – Anil Dhirubhai Ambani Group. www.reliancemoney.com About ANaRDe Foundation ANaRDe Foundation is a NGO started in 1979 for integrated rural development with a major focus on the upliftment of the poor by building dynamic, vigilant and assertive rural community to achieve a high level of sustained social and economical development.
The Anarde movement:
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