Home Technology Reliance Money & CMC tie-up to install web-enabled kiosk

Reliance Money & CMC tie-up to install web-enabled kiosk

Reliance Money, the financial products distribution company of Reliance ADAG, has entered into a strategic tie up with CMC Ltd, part of the Tata group, to install its web-enabled retail kiosks in the latter's 250-odd learning and training centres across the country.The tie-up was announced by Sudip Bandyopadhyay, Director & CEO, Reliance Money and Ramanathan Ramanan, M.D & CEO, CMC Limited. The tie up aimed in roping in large number of retail investors into its fold through proper training from CMC, said Sudip Bandyopadhyay, chief executive officer, Reliance Money. Addressing a press conference, he said: "The initiative will further enhance our capabilities to reach out to more and more retail investors who are not able to access to the stock markets but have great interest in investing stocks."     "By providing basic training at the CMC's training centres, the retail investors can easily do the trading on the stock exchanges including in stocks, mutual funds, commodities and other products. Based on the customers preference, the training programme varies between one month and six months," he said. In addition to that, the company will install web-enabled kiosks at all the 250 CMC centres. Reliance Money believes that the tie up will give the retail investors their choice to participate in the trading in a big way while helping the company to rope in thousands of customers under its platform. "With Reliance Money's unique trading fee systems with different options, retail investors will take this opportunity to enter into trading in a big way," he said further. "We have added over 1,00,000 customers, mostly retail ones, since the company floated on April 11, 2007 and the company is doing a daily turnover of Rs 600 crore," he said. The company is looking at similar tie-ups to spread its wings across the country, he added. "Our target is to reach 5,165 tehsils and set up 10,000 outlets by the end of this fiscal as against 2,500 tehsils and 3,000 outlets now," he said adding Reliance Money will provide the kiosks and will have a franchisee model to reach out to the nooks and corners of India. Ramanathan Ramanan, M.D & CEO, CMC Limited, said, "This initiative will further enhance our customer servicing capabilities in the Financial Service space and add value to our Education and Training centres.  The Customers, at our Education and Training centres, will be able to complete their financial transactions using Reliance Money kiosks and get educated in their related products. We will also launch a six-month job oriented program in area of Finance with Reliance Money." In addition, CMC would also facilitate Customer Acquisition process of Reliance Money and act as Partner for both it's Trading & Financial Distribution business. CMC, through it's nationwide presence at category A, B & C cities would assist Reliance Money in sourcing customers from their franchisee Centres.

 

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