My Mobile Payments receives RBI’s approval to issue mobile wallet

Money on Mobile offers mobile phone users the flexibility and convenience to top up their talk time, DTH account, buy air, bus or movie tickets anytime, anywhere using the mobile platform

My Mobile Payments Ltd (MMPL), a Mumbai-based mobile payment service provider, has received the Reserve Bank of India’s (RBI) go-ahead to launch financial services on mobile phones. “Money on Mobile” (MoM), an electronic prepaid payment instrument for the mobile phone is set to launch its services for the Indian market this December.

Shashank M Joshi, MD of MMPL said, “We’ve been granted the licence to offer the semi-closed m-wallet by the RBI. This means that by December, consumers can load their mobile phones with prepaid cash and use this virtual money to purchase goods and services at retail outlets. Retailers and kirana stores across the country will act as a loading point for MoM.”

MMPL has already tied up with over 36,000 retailers pan-India and has a presence in over 200 cities. MoM offers mobile phone users the flexibility and convenience to top up their talk time, DTH account, buy air, bus or movie tickets anytime, anywhere using the mobile platform. MoM service operates independent of the consumer’s mobile operator or bank, and hence any mobile subscriber can avail of its services.

“Started in India over a year ago, MMPL is determined to turn RBI’s desire into reality of converting 70% of the country’s financial transactions to electronic by 2012,” he added.

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6 years ago

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Religare MF launches Gold Fund

Religare MF new issue closes on 29th November

Religare Mutual Fund has launched Religare Gold Fund, a close-ended income scheme.

The investment objective of the scheme to provide returns that closely corresponds to returns provided by Religare Gold Exchange Traded Fund. The new issue closes on 29th November. The minimum investment amount is Rs5,000.

The scheme will be benchmarked against price of gold. Nitish Sikand is the fund manager.

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Dewan Housing Finance renames AMC business as ArthVeda Fund Management

ArthVeda Fund Management will restrict itself to only real estate funds but intends to grow its fund management business across different asset classes

Dewan Housing Finance Corporation Ltd (DHFL) has announced the re-alignment of its asset management business.

The company has redefined and expanded its AMC business by announcing the change in the brand identity of DHFL Venture Capital India Pvt Ltd, a real estate fund management to ArthVeda Fund Management Pvt Ltd (AVFM). The new brand identity is that of a fund management company that will restrict itself to only real estate funds but intends to grow its fund management business across different asset classes, such as, infrastructure, private equity, listed equities and others.

The successful re-alignment of AMC business and the broadened strategic vision created for ArthVeda will be under the stewardship of the senior-most and successful managers in the DHFL group, the former CEO of DHFL, Bikram Sen, who now becomes the CEO of ArthVeda Fund Management.

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