Sep 9: The Maharashtra-headquartered private sector bank, RBL Bank, has launched its digital product — Insta Redemption Solution — exclusively for LIC Mutual Fund, at the LIC Mutual Fund Head Quarters in Mumbai.
According to sources, RBL Bank has created an exclusive digital solution under the Application Programming Interface (API) which will enable the retail clients of any liquid scheme of a mutual fund to redeem their units (as per statutory guidelines) online, 24/7.
The receipt of funds will be available to the customer instantly through RTGS (Real Time Gross Settlement) / NEFT (National Electronic Funds Transfer)/ Immediate Payment Service (IMPS) and is certainly not limited by banking hours.
“Streamlining digital solutions for retail customers is a part of RBL Bank’s long-term vision, as we want to focus on real issues rather than just navigate through policy. We are happy to develop the insta redemption solution exclusively for LIC Mutual Fund. We hope our efforts make a big difference to India’s efforts to expand the era of cashless and quick digital payments,” said Brijesh Mehra, Head , Corporate, Institutional and Transaction banking, RBL Bank.
The event was held in the presence of Rajeev Ahuja, Executive Director, RBL Bank, and Brijesh Mehra, Head – Corporate, Institutional and Transaction Banking, RBL Bank, Raj Kumar, CEO, LIC Mutual Fund, and other officials.
RBL Bank will assist more than 10,000 customers of LIC MF Liquid Scheme receive money instantly.