Reliance Money to open 10,000 kiosks for financial services

Kolkata, May 31 (UNI) Reliance Money, the financial distribution company of Reliance Anil Dhirubhai Ambani Group(RDAG), is planning to set up 10,000 kiosks, with Barista in the current fiscal to provide services including trading in stock market, commodity market.

Speaking at a press conference here CEO Reliance Money Sudip Bandopadhay said, ''By March 2008, we are planning to set up 10,000 such kiosks in the country which will come to 25,000 by March 2009,'' Mr Bandopadhay said.

Reliance Money had already set up such kiosks in 75 Barista outlets through out the country.

The company today announced their tie-up with retail coffee outlet Barista. ''The tie-up will make Reliance Money the first company in India to provide trading through web-enabled retail kiosks,'' he said.

Barista CEO Partha Dasgupta said, ''The kiosks will provide a customer at Barista to reach out to wide array of monetary services.'' The facilities which would be available are trading in stock market, commodity market, applying in initial IPO offering, Mutual Fund and Life Insurance.

Citing that the company is willing to increase the number of transaction outlets in the country, Mr Bandopadhay said, ''We are planning to set up 10,000 outlets and as many exclusive franchise.'' Elaborating on the expansion plans Mr Bandoapdhay said, ''Apart from arranging with Barista, we are planning to provide a single platform for trading in multiple outlets. We are talking with different retail outlets of the country and in future we will set up kiosks there.'' The company has been planning to extend Money Changing and Money Transfer facilities through this kiosks. He said the company had the requisite approval of RBI for money transer through kiosks.

UNI