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Religare Securities Ltd and South Indian Bank have made a tie-up to offer RSL’s online trading platform to the bank’s customers.
This will form part of a convenient 3 in 1 account for the bank’s customers (savings account, demat account and trading account).
This will be followed by a roll out of the entire spectrum of Religare’s portfolio of products for the customers of South Indian Bank. The partnership is a step forward to further strengthen the “Bancinvest” Channel created by Religare, which already includes tie ups with various other banks.
Religare and South Indian Bank will look to create new business opportunities by leveraging core competencies of both the organisations. The online trading facility will be part of the value added offer for the bank’s savings account customers. The bank’s customers will get savings and depository accounts along with Religare’s online trading account.
Basab Mitra, Chief Executive Officer, Religare Securities Ltd said that the alliance would further boost the company’s strategy to increase pan India presence and reach out to a wider audience. The tie up gives the opportunity to provide a one stop shop solution to all the customers of South Indian Bank, beginning with an online trading platform and later offering the entire gamut of products and services from the Religare portfolio.
According to V.G. Mathew, Executive Vice President, SIB, the alliance would enable the bank to expand its capital market related facilities to customers.
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