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Monday, June 15, 2009

HDFC Mutual offers transactions via mobile phones

HDFC Asset Management said on Monday it has launched a mobile phone-based platform to allow investors buy, sell or switch money into its funds and access account information.

The firm, country's No. 2 money manager with average assets of 754 billion rupees in May, will offer the service through mobile commerce service provider ngpay that facilitates transactions such as buying travel tickets or paying utility bills.

Investors holding a mobile banking account in HDFC Bank can avail of the facility but investment is capped at 10,000 rupees per day given restrictions imposed by India's central bank, the firm said in a statement.

Last month, UTI Asset Management had disclosed plans to offer a similar facility

source: Reuters

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