Religare Securities, a wholly owned subsidiary of Religare Enterprises and Bank of Maharastra, an India-based bank, have entered into a strategic tie-up to launch an online share trading facility 'Maha-E-Trade.'
The new internet trading facility will be part of the value-added offering for the bank’s saving account customers, offering them a saving and a DP account from the bank along with an internet trading account, powered by Religare.
In order to avail Maha-e-trade facility, customers with internet banking-enabled accounts need to open Demat account with the bank and trading account with either of the three approved brokers, which will be facilitated by the branches of the bank. Once the demat and trading accounts are opened, the customers can log onto the bank’s internet banking site and do share trading.
The partnership is a step forward to further strengthen the ‘Bancinvest’ channel created by Religare which already includes tie-ups with Andhra Bank, Induslnd Bank, Tamilnad Mercantile Bank, Corporation Bank, Bank of Rajasthan, Union Bank and Karur Vysya Bank.
Shachindra Nath, group chief operating officer of Religare Enterprises, said: Religare tie-up with Bank of Maharastra is in line with our strategy of making ourselves available as quality service providers across India to a wider audience. This alliance will allow all customers of the bank to seamlessly access and trade online through our online investment portal.”
Allen Periera, chairman and managing director of Bank of Maharastra, said: “With the launch of Maha-e-trade facility, the bank has gone one step ahead in realizing it Platinum jubilee vision of making the bank a complete financial mall providing uncommon services to the common man.”
Religare Enterprises Limited (REL), along with its joint venture partners offers a range of products and services in India, including asset management, life insurance, wealth management, equity and commidy broking, investment banking, lending services, private equity and venture capital. Religare has also ventured into the alternative investment sphere through its holistic arts initiate and film fund.