MUMBAI, December 13, 2017 /PRNewswire/ --
India Infoline Ltd. has become the first broker in India to provide customers paperless Systematic Investment Plan (SIP) in mutual funds through Aadhaar-based electronic mandate. This is a part of India Infoline's efforts to make investments easier for everyone.
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IIFL customers will now be able to use their Aadhaar connected bank account to authorise the SIP mandate almost instantly. This removes the biggest operational obstacle in getting your SIP started and also ensures that customers don't need to go through the process again for any additional SIPs.
To invest, the customer needs to visit https://mf.indiainfoline.com or access the IIFL MF application on their mobile phone and log into their broking account. They can choose their favourite mutual fund scheme or take advice of India Infoline. Then they need provide Aadhaar number and validate it using one-time-password.
The entire process does not take more than a minute. The Aadhaar-based e-mandate leverages the strong focus that the Indian government had laid on making Aadhaar as the common customer identifier across the financial sector.
"IIFL has always been a pioneer in leveraging advanced technology and offering simplified mass scale investment solutions. With this feature, online customers can now use Aadhaar as a payment instrument for making investment and need not require to logon to internet banking," said Harit Gautam, Vice President, Digital Strategy at India Infoline Ltd.
India Infoline is a part of diversified financial services firm, IIFL Group, which has a market capitalisation of over Rs. 20,000 crores and has over 40 lakh customers across all parts of India.
India Infoline is India's largest independent equity broker listed as a Fortune India 500 company. India Infoline runs India's largest financial knowledge program 'Dhan Ki Baat' which aims to reach 5 crore people across India by end of 2018.
About IIFL
IIFL Holdings Ltd is a leading player in the Indian financial services space. IIFL is engaged in the business of financing, asset and wealth management, capital markets and financial products distribution, investment banking, institutional equities and realty services through its various subsidiaries. Started as a research firm in 1995, IIFL is a first generation venture. Today, IIFL Group has a consolidated net-worth of Rs 4,740 Cr as on September 30, 2017.
Media Contact:
Sourav Mishra
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IIFL Group
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