In a year's span, online Mutual Fund Investment Platform FundzBazar, launched by Prudent, has come up with a unique facility for its investors where they can transact with more than 900 banks located at any place across India. This will give more power to all the investors across India who can now e-nvest anytime, anywhere and through any bank of their choice.
'NACH' Banking: The New Way of Transacting Online
• To invest online in Mutual Funds, till now, Net Banking has been the popular and a preferred way for transacting
• NACH facility has been emerging as the new way of transacting online which is convenient and secured
• FundzBazar has added 895 small/regional/co-operative banks
• Through these 895 banks, an investor can invest using NACH facility
• NACH facility works on NACH mandate. Through the mandate, investor authorizes his bank to allow FundzBazar to debit a certain amount from his account, with a fixed upper limit per transaction, to enable him to transact whenever he wants.
• Investor has to submit their duly signed NACH mandate to FundzBazar only once for registration
Prudent Partners are the major beneficiary
• These will help Prudent Partners to cater to investors in small towns having no access to net banking facility but still wants to invest online
• With this, they can give their clients the convenience of online investing
Investment Inclusion: The way forward
• Now regardless of location of the investor and type of the bank, all Indians can be a part of Online Investing. No one will be left behind.
• Like we have Financial Inclusion in Banking, this is a small step towards Investment Inclusion in Mutual Funds.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)