ET Money logs Rs 2,000 crore in mutual fund sales on app

et-money-etonline
The app has added multiple features to become a full-service financial services provider on the phone over time.
NEW DELHI: ET Money has clocked Rs 2,000 crore of mutual fund sales on its app, registering a nearly twentyfold increase in sales of the financial product over the past fifteen months.

The online financial services platform had started offering investors the choice to invest in direct mutual funds a few months ago and has witnessed exponential growth ever since.

“The growth in value of transactions is due to the pace at which we have launched innovative offerings for the customer and the addition of direct mutual funds to our platform,” ET Money’s chief executive officer Mukesh Kalra said. ET Money’s ability to provide customers a wide range of solutions, including loans to meet short-term funding requirements had increased the platform’s credibility and users confidence in the app, according to Kalra.

The Times Internet-backed company started operations two years ago as an app that linked into the user’s SMS log and enabled him/her to maintain a roster of monthly expenses. It has added multiple features to become a full-service financial services provider on the phone over time. Times Internet is a subsidiary of BCCL, the publisher of this newspaper.

Within a short span of time, ET Money has struck collaborations with over twenty asset management companies to offer a range of over 1,000 mutual fund schemes. It also has a tie-up with RBL Bank to provide loans to customers and recently introduced a liquid fixed deposit scheme that offers higher interest rates in comparison to traditional savings accounts.

“We are aiming to grow to Rs 5,000 crore of mutual fund transactions in the next 12-18 months,” Kalra said, expressing confidence that the movement towards investments in financial assets by people who have disposable incomes will create the right conditions for his business.

Over the last 18 months, ET Money has introduced a slew of industry-first offerings like SmartDeposit with Instant Withdrawal, Paperless KYC, One-tap Portfolio Buys, SIP Registration without First Installment and Option to Skip SIP Installments.

It has also launched a unique feature to enable existing investors save agent commissions on their existing mutual fund investments by instantly allowing them to switch to direct plans.

With an aim to play an integral role in a modern Indian’s financial life, ET Money has expanded its offerings providing instant personal loans through its app along with Insurance products via ETInsure. This has helped to grow it’s total transactions across all services to an annual figure of over Rs.2,100 Crores which is growing at 200% every six months, the company claims. The ET Money app is available on Android or iOS.

[“source=economictimes.indiatimes”]

Higher education in India gets a Rs 8,000 crore boost

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion. Photo: HT

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion. Photo: HT

New Delhi: To increase investment in higher educational institutions, the Union Cabinet today approved a proposal for expanding the scope of Higher Education Financing Agency (HEFA) by expanding its capital base to Rs 10,000 crore and tasking it to mobilise Rs 1 trillion by 2022.

Briefing reporters after the Cabinet meeting chaired by Prime Minister Narendra Modi, Union minister Ravi Shankar Prasad said the government wants to increase investments in higher education, for which an announcement was made in the last budget and HEFA was established.

“At that time its authorised capital was Rs 2,000 crore and now it has been increased to Rs 10,000 crore,” Prasad said, adding that earlier central government universities and other new varsities didn’t get advantage of HEFA but in today’s cabinet meeting, it was decided that they can utilise this fund.

In his Union Budget 2018, the then finance minister Arun Jaitley had announced a new initiative of the government—‘‘Revitalising Infrastructure and Systems in Education (RISE)”—to step up investments in research and related infrastructure in premier educational institutions, including health institutions. HEFA, a joint venture company of Canara Bank and Ministry of Human Resource Development which provides financial assistance for creation of educational infrastructure and R&D in India’s premier higher educational Institutions, was tasked to fund this initiative.

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion against estimated expenditure of Rs 1.22 trillion in 2017-18.

[“Source-livemint”]

Higher education in India gets a Rs 8,000 crore boost

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion. Photo: HT

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion. Photo: HT

New Delhi: To increase investment in higher educational institutions, the Union Cabinet today approved a proposal for expanding the scope of Higher Education Financing Agency (HEFA) by expanding its capital base to Rs 10,000 crore and tasking it to mobilise Rs 1 trillion by 2022.

Briefing reporters after the Cabinet meeting chaired by Prime Minister Narendra Modi, Union minister Ravi Shankar Prasad said the government wants to increase investments in higher education, for which an announcement was made in the last budget and HEFA was established.

“At that time its authorised capital was Rs 2,000 crore and now it has been increased to Rs 10,000 crore,” Prasad said, adding that earlier central government universities and other new varsities didn’t get advantage of HEFA but in today’s cabinet meeting, it was decided that they can utilise this fund.

In his Union Budget 2018, the then finance minister Arun Jaitley had announced a new initiative of the government—‘‘Revitalising Infrastructure and Systems in Education (RISE)”—to step up investments in research and related infrastructure in premier educational institutions, including health institutions. HEFA, a joint venture company of Canara Bank and Ministry of Human Resource Development which provides financial assistance for creation of educational infrastructure and R&D in India’s premier higher educational Institutions, was tasked to fund this initiative.

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion against estimated expenditure of Rs 1.22 trillion in 2017-18.

[“Source-livemint”]

 

Higher education in India gets a Rs 8,000 crore boost

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion. Photo: HT

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion. Photo: HT

New Delhi: To increase investment in higher educational institutions, the Union Cabinet today approved a proposal for expanding the scope of Higher Education Financing Agency (HEFA) by expanding its capital base to Rs 10,000 crore and tasking it to mobilise Rs 1 trillion by 2022.

Briefing reporters after the Cabinet meeting chaired by Prime Minister Narendra Modi, Union minister Ravi Shankar Prasad said the government wants to increase investments in higher education, for which an announcement was made in the last budget and HEFA was established.

“At that time its authorised capital was Rs 2,000 crore and now it has been increased to Rs 10,000 crore,” Prasad said, adding that earlier central government universities and other new varsities didn’t get advantage of HEFA but in today’s cabinet meeting, it was decided that they can utilise this fund.

In his Union Budget 2018, the then finance minister Arun Jaitley had announced a new initiative of the government—‘‘Revitalising Infrastructure and Systems in Education (RISE)”—to step up investments in research and related infrastructure in premier educational institutions, including health institutions. HEFA, a joint venture company of Canara Bank and Ministry of Human Resource Development which provides financial assistance for creation of educational infrastructure and R&D in India’s premier higher educational Institutions, was tasked to fund this initiative.

Government’s estimated schematic budgetary expenditure on health, education and social protection for 2018-19 is Rs 1.38 trillion against estimated expenditure of Rs 1.22 trillion in 2017-18.

[“Source-livemint”]