Reliance to retail financial services in UP through Triveni Retail

New Delhi, Apr 24 (UNI) Reliance Money, the financial distribution arm of ADAG, today said it will retail its financial products and services in Uttar Pradesh and Uttarakhand in collaboration with Triveni Retail Ventures.

Under the alliance, Khushali Bazaar, Triveni-promoted retail chain will distribute Reliance's financial products and services through their outlets, a company statement said.

As part of the agreement, Reliance Money will set up shop-in-shops in all 42 Triveni Khushali Bazaars, serving farm and household products and financial services, to sell its product offerings including life insurance, general insurance and mutual fund products.

''Financial retailing in rural India is still dominated by middlemen, money lenders and intermediaries. Concurrently, per capita income of rural population is expected to double by 2012.

Zeroing in on this opportunity, Reliance Money has partnered with Triveni Khushali Bazaar to enhance our reach and tap the rural potential,'' said Reliance Money Director and CEO Sudip Bandyopadhyay.

Triveni Retail, a 100 per cent subsidiary of Triveni Engineering and Industries Ltd, plans to have over 50 outlets operational in north India by the year-end and aims at covering over five million rural and semi-urban households in the next three years.

Besides, Reliance Money also expects to source further business from other sugar and engineering businesses in northern India through the tie-up.

UNI SR SG PM1620