Future to set up Money Bazaars

MUMBAI: Future Capital, the financial arm of Future Group, will soon start rolling out Money Bazaars across the country. From housing loans, personal loans, insurance, MFs to credit cards, a variety of financial products and services will be available at these one-stop financial shops. Ranging from 2,000 sq ft flagship stores to smaller shop-in shops, to kiosks, 400 outlets will be opened up over the next four years in Big Bazaars, Central Malls, Home Towns, Pantaloons across the country.
Money Bazaar is being headed by ex-Citibanker Rakesh Makkar, who has come aboard from Temasek subsidiary, First India Credit, where he was looking after the retail mass market."There is a huge captive customer base in the millions who shop at our stores across the country. Now there will be no need to approach a bank or institution as both their consumption and investment needs will be met by us," said Makkar. In the first phase alone, 1,500-2,000 people are expected to be recruited for Money Bazaars.
Future Capital, which holds a non-banking financial company (NBFC) licence, will provide most of the products and services. Thus, customers will be able to, let's say, pick up a mobile phone or plasma TV and also simultaneously get a pre-approved loan to finance the same. An exception is MFs, where the group has decided to distribute all leading brands rather than launching one of its own.
"When you borrow money you care little about who the lender is but when you part with it, you are choosy about who it goes to. Hence when it comes to investments it makes sense to go in for an open architecture," said Sameer Sain, MD, Future Capital Holdings. These Bazaars are being designed in a way that they have the ambience of a cafe but the functionality of a financial services provider. In due course desks for online trading, travel and soft services will be added.
Life and non-life insurance will be provided by Future Generali, JV with Italian insurer Generali, which has global experience of selling insurance through retail outlets. For credit cards a partnership will be struck with a leading financial firm for an innovative credit card. "Along with loyalty points and cross-promotions, it will have a lot of exciting special perks and privileges, '' said Sain.