Reliance Money to foray into travel financing business

Reliance Money to foray into travel financing business

New Delhi, 30 August Anil Ambani group’s financial services distribution arm, Reliance Money, will soon venture into individual travel loan business, seeking to tap the growing interest of Indians in domestic and outbound tourism.

“We are planning to start selling travel financing products, to be launched soon by the parent company Reliance Capital," Reliance Money Chief Executive Officer Sudip Bandyopadhyay told reporters here.

Reliance Money has already started distributing travel card and travel insurance products through its outlets, which has grown to over 3,000 across the country, he said.

The company today also announced a tie-up with Stic Travel Group, one of the country’s largest players in the travel and tourism business.

Under the partnership, Reliance Money will sell its various financial products, ranging from money transfer, foreign exchange, insurance and gold coins through Stic Travel outlets.

The partnership will provide a major platform to sell products like money change, money transfer, travel card and insurance, which are primarily aimed at tourists, Bandyopadhyay said.

Besides, the company is planning to set up 10,000 internet-enabled retail kiosks across the country, where the consumers would be able to execute their financial transactions.

Stic Travel Chairman Subhash Goyal said Reliance Money is natural partner for the company and there was a significant synergy across various business segments.