The Hindu Business Line : Reliance Money ties up with STG

Tapping travel segment: Mr Subhash Goyal (left), Chairman, STIC Travel Group and Mr Sudip Bandyopadhay, CEO, Reliance Money, at a press conference in the Capital on Thursday. -

Our Bureau

New Delhi, Aug. 30 Reliance Money Limited, financial services distribution company of the Anil Dhirubhai Ambani Group (ADAG), on Thursday entered into a tie-up with STIC Travel Group (STG) to sell financial services through the latter’s 43 offices across the country.

Under this tie-up, Reliance Money would install its web-enabled retail kiosks and financial services counters at the STIC Travel Group’s 43 outlets. It would also provide money changing, money transfer and travel insurance services from these outlets. Reliance Money, which is a subsidiary of Reliance Capital, expects to break even this fiscal.

“We have decided to be at 5,165 tehsils (out of 5,645 tehsils in the country) with 10,000 outlets by the end of this financial year. Our tie-up with STIC Travel is the first in the travel and tourism industry. We already have partnered with players in other sectors. We will go in for more tie-ups to expand exponentially”, Mr Sudip Bandyopadhyay, Director & Chief Executive Officer (CEO) of Reliance Money said.Stating that there was tremendous scope for organised players to expand presence in the gold coin market, Mr Bandyopadhyay said that Reliance Money would sell gold coins (in denominations of 0.5gm, one gm, two gm, five gm and eight gms) through outlets of STG.

He also indicated that Reliance Money may look at financing travel (through distribution of Reliance Capital’s loan products) of people through the STIC Travel outlets. Mr Subhash Goyal, Chairman of STIC Travel, said that the tie-up with Reliance Money would benefit both the players and also the consumers.