R-Money ties up with Triveni group's retail

Reliance Money, a financial products distribution firm, today said it has tied up with Triveni Group-promoted retail chain, in a move aimed at tapping the potential of rural and semi-urban markets.

Under the alliance, the Anil Dhirubhai Ambani group would distribute financial products and services through the outlets of Triveni retail chain, Khushali Bazaar, in Uttar Pradesh and Uttaranchal, a company statement said.

 "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 of serving a burgeoning rural middle class, we at Reliance Money are happy to partner with Triveni Khushali Bazaar to enhance our reach and tap the rural potential," Reliance Money Director and CEO Sudip Bandyopadhyay said.

Reliance Money would set up shop-in-shops in all 42 Triveni Khushali Bazaars, which offers farm and household products and financial services, to sell its product including life insurance, general insurance and mutual fund products, it said.

The partnership will help Reliance Money take its slew of financial products and services to the rural and semi-urban masses and provide customers additional convenient locations for completing their financial transactions, Bandyopadhyay said.