To launch the “3 in 1” account for the bank’s customers
Mumbai, September 1, 2015: Religare Securities Ltd. (RSL), the award winning and market leading retail broking arm of India’s leading diversified financial services group, Religare Enterprises Limited (REL) and Saraswat Bank, largest co-operative bank in India, have entered into a strategic tie-up to launch the “3 in 1 account” (savings, demat & online trading) for the bank’s customers.
With customer centricity at the core of this alliance, Religare Securities Ltd. and Saraswat Bank will look to create new business opportunities by leveraging core competencies of both the organizations. As part of this umbrella solution, customers will get a bundled offering of the bank’s savings and demat account along with an online trading account.
Commenting on the tie-up, Mr. Nitin Jain - CEO Religare Securities Limited said, “We are pleased to announce this partnership with a high quality bank like Saraswat which has a great presence particularly in the western part of the country and is known for its innovative and customer centric approach. The new product offering will enable us to jointly offer a one of its kind umbrella solution to address customer needs across savings/demat/online trading through a single interface. Online trading will be powered by a market leading online trading platform, Religareonline.com equipped with cutting edge features to provide users a hassle free, seamless and convenient trading experience.”
Mr. Shashikant Sakhalkar, Chairman, Saraswat Bank, said, “Saraswat Bank, India’s largest urban co-operative bank, is first in the co-operative sector, to launch Online Trading Services to its customers. The Bank has recently forged an alliance with Religare Securities Ltd, for the same. The product offers a 3-in-1 account, meaning opening a single account for savings, demat and trading requirements. With this account, the customer is ensured a seamless online trading experience with simple, smart and personalized interface of Religare Online. A dedicated relationship manager, dealer support, incisive research offerings and innovative tools for trading support are the salient features of this account. The product shall facilitate investment in the capital market for customers. The product shall be available in all the Branches of the Bank across India.”
About Religare Securities: (www.religareonline.com)
Religare Securities Ltd. (RSL), a wholly owned subsidiary of Religare Enterprises Limited (REL), is one of the leading securities firms in India, serving over a million clients across both offline and online platforms. Through its extensive footprint in more than 500 cities, the company offers broking services in Equity, Currency and Commodity (through its subsidiary Religare Commodities Limited) as well as depository participant services. RSL is a member of the NSE, BSE, MCXSX, USE and a depository participant with NSDL and CDSL. RSL also offers TIN facilitation & PAN facility at select branches - a unique service to help an individual with PAN, TAN and TDS/TCS returns related requirements. In addition, RSL is an AMFI-registered mutual fund distributor.
About Saraswat Bank
Saraswat Bank was incorporated in 1918 as “The Saraswat Co-operative Banking Society”. The society was converted into a full-fledged Urban Co-operative bank in the year 1933. In the last decade the bank has witnessed an accelerated growth in business and has also taken a lot of strategic business initiatives such as business process reengineering and merger of seven co-operative banks and then consciously nurturing them. In 2011, the Bank was granted permission for All India Area of Operation by the Central Registrar. The Bank has a network of 267 fully computerized branches as on 31st March, 2015 covering six states viz. Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Goa and Delhi. The Bank is providing 24-hour service through its network of 219 own ATMs and through other bank ATMs as well. As on 31st July, 2015 the Bank's business had surpassed Rs. 45000 Crores.