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Global Indian Solutions to address $900B NRI assets market in India

Business Finance


NRI Banking veteran, Chavvii Prabakar and financial services and estate planning specialist, Shammi Khanna on Tuesday announced the launch of India's first integrated Solution platform for NRIs under their brand Global Indian Solutions.

Global Indians comprise Non Resident Indians (NRIs), Persons of Indian Origin (PIOs), Overseas Citizens of India (OCIs) and Returning Indians (RIs). There are over 30 million Global Indians across the world, making them one of the largest diaspora populations. They also contribute to over USD 900 billion in assets under management (AUM) in India with Real Estate being a preferred asset class for investment coupled with inherited properties. They also have and estate management requirements and resultant taxation-remittance needs.

However, Global Indians face multiple challenges with managing their assets in India due to complicated legal processes and documentation requirements in India. Too many vendors have lead to lack of trust and transparency in the country.

Global Indian is India's first Integrated Solution platform, which aims to help Global Indians overcome the challenges of managing their assets in India, through its wide range of professional and trusted service offerings in the areas of real estate management, taxation and FEMA services, estate planning and documentation services such as Aadhar and PAN card, banking and other legal documentation assistance. Backed by its wide network of curated and verified service providers, the company offers a single window digital interface for delivering services to Global Indians.

Speaking on the launch, Chavvii Prabakar, Co-founder and CEO, said, "Our vision is to help NRIs become significant contributors to India's growth and economy by helping them manage their assets in India in an organized manner and provide them with a trusted and committed partner in India. Most NRIs do not realize the criticality of being fully compliant to Indian documentation requirements. This added with lack of time, knowledge and inadequate legal support usually make NRIs more susceptible to malpractices. With the launch of Global Indian Solutions, we intend to ensure that NRIs are no more cheated, deprived of hard earned assets and dissuaded from participating in the world's fastest growing economy."

"The company is planning to target NRIs in countries like United States, Singapore and Middle East in the first phase by the year 2021. The company aims to reach out to 1 million NRIs in these countries during this phase," she further added.

"Our platform has been developed to mitigate the four major challenges of NRIs, namely a single point interface with access to over 50 services to manage their assets anywhere in India, eliminating the need to deal with multiple vendors, complete details of the legal processes and documentation required for each service, thus reducing the time taken, a virtual 24X7 tracking of the step by step progress of their work, thus eliminating the need to constantly follow up with vendors and most importantly, a secure digital locker to manage their documents so that they do not have to provide them every time to each vendor. We believe this will help in building a trusted partnership with our clients, backed by our commitment to always serve their needs with integrity, professionalism, transparency and value for money in a timely manner." said Shammi Khanna, Co-founder and COO.

Based at Gurgaon, the hub of digital India, Global started its beta operations in April 2018 and has already gained customer traction with clients spread across the United States, United Kingdom, Singapore and Middle East. It plans to build a global brand with over 10,000 clients across the world over the next few years.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, August 14 2018. 17:30 IST