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Prudential ICICI launches Net-based banking for NRIs

Prudential ICICI, the mutual fund company, has launched e-commerce operations for Non-Resident Indians.

NRIs can now invest in Prudential ICICI's open-ended schemes using the Internet through its Website.

This has been made possible through an arrangement with ICICI Bank, wherein the investment can be made simply, swiftly and conveniently, said Ajay Srinivasan, managing director, Prudential ICICI Asset Management.

Through e-commerce facility, there is now no need for the NRI investor to go to the bank to purchase a rupee or dollar draft or to send it by courier. The entire process of investing can be done over the Internet.

Through a simple advice to one's local bank, the investor transfers money to Prudential ICICI's mutual fund account and simultaneously sends one's application form by e-mail with a scanned signature, Srinivasan said.

Apart from investors in the Middle East, the company is targeting investors from the UK, the US and the Far East for this scheme.

The process for redemption has been made simpler. The investor first has to send an e-mail to the fund and the amount will be swiftly credited to one's account abroad via the same route. For those individuals who have a foreign currency non-resident account or FCNR or non- resident (external) rupee account or NRE with ICICI Bank, the system is even simpler: a simple request to ICICI Bank credits the account with the redemption proceeds.

Prudential ICICI Asset Management Company is a 55:45 joint venture between Prudential Corporation, the UK, and ICICI. Prudential, founded in 1848, is the largest life insurance company in the world in terms of market capitalisation, and is one of the UK's biggest institutional investors, with over $ 310 billon of funds under management worldwide.

ICICI is a premier financial institution with an asset base of over Rs 450 billion, and is evolving into a universal bank, offering a complete range of financial services such as project finance, corporate finance, commercial banking (ICICI Bank) and investment banking (I-Sec).

UNI

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