News

FSS enables mutual-fund debit card launch in India

January 9, 2006

MUMBAI, India - Reliance Mutual Fund has launched the Reliance Any Time Money Card, making it India's first mutual fund to provide a debit card, according to a news release.

"The initiative is a part of our endeavor to facilitate mutual-fund investing amongst retail investors," said Amitabh Chaturvedi, chief executive of Reliance Capital Asset Management. "We have addressed the basic concern of 'instant liquidity' through the Reliance Any Time Money Card, which we believe will tremendously benefit retail investors."

RMF has tied with Visa, India's HDFC Bank and transaction processor FSSNeT, the ASP division of Financial Software & Systems Pvt. Ltd., to offer investors 24/7 access to their mutual funds at ATMs and merchants on Visa's network worldwide.

"FSS, through FSSNeT, will issue and manage the end-to-end value and lifecycle for Reliance Anytime Money Card in partnership with HDFC Bank, a member of FSSNeT," said Nagaraj Mylandla, managing director of FSS. "The Reliance Any Time Money Card is being offered under the Reliance Regular Savings Fund - a product specially designed (for) retail investor requirements."