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August 13, 2007 16:41 IST
Reliance Money, the financial products distribution company of Anil Dhirubhai Ambani Group, launched on Monday services in rural markets with an initial target of tapping 1,000 talukas across five states in the country.
The broking and distribution arm of Reliance Capital [Get Quote] also announced its tie-up with Rural Relations, a rural consumer relations organisation, for identifying partners and locations for rolling 10,000 outlets in over 5,165 talukas across India by the end of this fiscal. A taluka consists of about 1,000 villages on an average.
Rural customers will have to pay an annual premium of as low as Rs 25 for insurance policies, while systematic investment plan of as low as Rs 50 and Rs 100 per month was available for mutual funds.
"This is our effort to take financial instruments to rural masses and give them an opportunity to invest in various financial products like mutual funds, stocks and gold coins and secure their lives and other valuables by taking adequate insurance covers," Reliance Money CEO and Director Sudip Bandyopadhyay told reporters in Pune.
Reliance Money is looking to open over 20,000 outlets and 10,000 kiosks across the country by the end of this year. Out of the total outlets, 10,000 would be for rural markets while the remaining half would be in urban areas.
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