Mumbai (Maharashtra) [India], January 13 (ANI/PNN):Using this account, investors will be able to seamlessly transfer funds in real-time and execute trades in almost no time. Users will also be able to avail margins without actually moving funds between their savings and trading accounts. The 3-in-1 account will provide the additional advantage to users of availing savings interest on funds lying idle in their trading account. This strategic partnership will help Marwadi to boost customer experience while allowing NSDL Payments Bank to access Marwadi's clients and expand its customer base.
Announcing the partnership Gaurav Bhojak, Chief StrategyDigital Transformation Officer at Marwadi Financial Services, said, "The integration of NSDL Payments Bank's savings account is an inordinate step forward for us. Now our customers can experience an advanced trading experience offered by Marwadi Financial Services with a safe and secure banking mechanism backed by NSDL Payments Bank. This partnership will allow us to extend an innovative, single click and seamless experience to our clients for availing margins without going through the slowtraditional fund transfer journey while adhering to the regulatory norms. This tech integration will enable our customers to allocate funds while retaining the money in their bank's saving account till trade is successfully executed.
With this addition, we are fully confident that our customers will appreciate the new level of ease and comfort this will bring to their investing experience. As digital transformation continues to reshape the financial services landscape, we at Marwadi Financial Services stay ahead of the curve by constantly introducing innovative products and solutions to bring ease of investing to every customer, which will result in an enhanced investing experience."Speaking on the partnership, Ashutosh Singh, PresidentCBO at NSDL Payments Bank, said, "NSDL Payments Bank is extremely delighted to add another compelling product in its expanding product suite in partnership with Marwadi Financial Services. The integrated savings bank account offering is in keeping with our mission of making the journey of payments and investments safer, simpler and seamless for the customer. The combined product offering with Marwadi Financial Services Ltd will allow broking customers to allocate funds to the broker for stock market transactions while retaining the money in their bank account until the trade is successfully executed, thereby earning them interest until the time such trade gets completed.
What's more, the savings bank account allows the customers to tag and identify capital market transactions separately through the mobile banking app. This feature will be extremely useful to investors at the time of filing tax returns in understanding the flow of funds allocated for capital market transactions for any period.
Along with the account holders, the broking house benefits from this arrangement as the settlement is done on a real-time basis in a very cost-effective manner. Additionally, manual efforts and costs related to reconciliation are eliminated.
We are confident that all customers of the capital market will find this product persuasive from the lens of safety, utility and convenience, and this, in turn, will help us achieve scale."Marwadi Financial Services is the investment and financial services arm of the 3-decade young Marwadi Group. The group was incorporated in 1992 and has ventured into various sectors, including financial services, education and solar power. Across its verticals, the Marwadi group has witnessed steady growth and has a strong team of 2500-plus employees. The company is present in 104 geographical locations across India, with over 500 partners that serve a strong community of 4 lakhs-plus esteemed customers. Enabling and empowering their customers on their wealth creation journey, the company offers a wide range of financial products and services that include equity, commodity, currency, depository facilities, IPO, mutual funds distribution, and advisory services.
Marwadi Financial services is a trusted financial services solution provider. Through its robust business model, it delivers unmatched value to those seeking financial freedom. The company's mission is to provide quality advisory services, not just to the existing set of loyal customers but to all investors across geographies in India, through innovative digital-first solutions and AI-based models. As a trusted, strategic financial partner, Marwadi Financial Services is deeply committed to gaining the customer's confidence in investing for their financial well-being.
NSDL Payments Bank is a subsidiary of NSDL, the first and the largest depository in India. The bank is predominantly a digital bank and offers end-to-end digital banking products through self-service and assisted channels to customers of various segments. NSDL Jiffy is the flagship Mobile App (Available on Google Play Store and Apple App Store) of NSDL Payments Bank, which allows 100 per cent digital Savings Account opening within a few minutes with an instant debit card and features like Recharge, Bill Payments, UPI, Integration of trading accounts with a savings account and much more.
The bank also offers Current Accounts, Prepaid cards and third-party products like Mutual Funds, Life InsuranceGeneral Insurance. Its product suite also includes Financial Inclusion and Payment Products such as DMT, AePs, Micro ATM, BC Banking, Recharges, Bill Pay, PG and PoS solutions through a suite of well defined, designed, and modular APIs with its Banking Correspondents.
This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)