Spice Money, rural fintech, today announced that it has partnered with Religare Broking Ltd. (RBL) to enable rural citizens to apply for the mega LIC IPO.
Through this association, Religare Broking and Spice Money aim to provide rural citizens with equitable access to investment opportunities, thus, taking a step further in bridging the rural-urban divide and augmenting financial inclusion, it said in a press staement.
This association will allow over 95 percent of rural pin codes to get access to assisted phygital platforms to invest in capital market-linked opportunities such as equities, mutual funds, commodity, currency and NPS to build wealth for the future.
The business partnership will pave the way ahead for a large scale financial inclusion and financial freedom for new-to-market investors in the rural segment, it added.
Religare Broking is currently servicing over 10 Lakh Demat customers through its pan India network. Spice Money, on the other hand, is a rural fintech company with a wide network across the hinterlands of India. Thus, investment services partnership between Religare Broking and Spice Money will facilitate rural India to get direct and assisted access to a Demat Account and invest in capital market-linked products, the statement said.
How it will work
Spice Money’s community of high growth 1 million Adhikaris, who are looked upon as respected banking representatives, will act as a one-point contact for assisting rural citizens who want to invest in the LIC shares, but do not know where to begin. They will assist them to open a DEMAT Account and apply for the LIC IPO and invest in other products in the future.
Access to LIC IPO
Sanjeev Kumar, Co-Founder and CEO, Spice Money said, “Access to the IPO of a brand that commands nation-wide trust, like LIC, will help rural citizens warm up to the phenomenon of investment opportunities they are hitherto unaware of.
“A majority of rural households have little to no financial literacy and most prefer to park their money in bank deposits and therefore, they have to settle for low-interest rates, while there remains a massive opportunity to grow their wealth by making smart investments in capital markets. Seizing these opportunities will not only help in financial growth of rural citizens, but also help the revitalisation of the rural economy. It will play a key role in the country’s goal of becoming a $5-trillion economy and create an Atmanirbhar Bharat. This partnership shares mutual synergy of making people financially independent. Furthering digital and technological innovation, Spice Money aims to be a one-stop platform for all rural financial needs,” Kumar added.
Nitin Aggarwal, CEO, Religare Broking said, “With LIC IPO on its way, a huge opportunity awaits for new investors and its policyholders. Jointly Religare abd Spice Money will play an instrumental role in building a rural India financial inclusion model, combining new age technology with human assistance and bring Ghar Ghar Demat Account. With the help of Spice Adhikaris, each investor willing to invest in IPOs can seamlessly open a Demat account on Dynami App and make informed decisions for a range of investment products.”
Gurpreet Sidana, COO, Religare Broking said, “This time we are building a large scale phygital DIY facility with Spice Money for opening Sabse Sasta Demat Account. For new-to-market customers, including the masses, Religare Broking has recently announced new offering that provides Zero brokerage on delivery trades, Zero brokerage on non-profitable intraday trades and options trading at Rs 5 per lot.”