Home / Companies / News /  Religare Broking partners Spice Money to help open demat accounts in rural India

Fintech firm Spice Money has announced its partnership with Religare Broking to provide people in rural India access to platforms to invest in capital market.

“The partnership between Religare Broking and Spice Money will facilitate rural India to get assisted access to a demat account and invest in capital market-linked products," the press release stated. It further added that Spice Money has a network of over 10 lakh merchants offering services to over 10 crore households in 700+ districts across the hinterlands of India.

To start with, Spice Money’s representatives will assist rural citizens to open a demat account and apply for Life Insurance Corp of India's initial public offer (IPO) and invest in other products in the future.

Sanjeev Kumar, co-founder & CEO, Spice Money said, “A majority of rural households have little to no financial literacy and most prefer to park their money in bank deposits and therefore, they have to settle for low-interest rates, while there remains a massive opportunity to grow their wealth by making smart investments in capital markets. Seizing these opportunities will not only help in financial growth of rural citizens, but also help the revitalisation of the rural economy. It will play a key role in the country’s goal of becoming a $5-trillion economy and create an Atmanirbhar Bharat. This partnership shares mutual synergy of making people financially independent. Furthering digital and technological innovation, Spice Money aims to be a one stop platform for all rural financial needs."

Gurpreet Sidana, COO, Religare Broking said, “Continuing our promise to offer simplified investment journeys & innovative services, this time we are building a large scale phygital DIY facility with Spice Money for opening Sabse Sasta Demat Account."

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