Reliance Mutual Fund is the first asset management company to offer the IMPS platform to investors

NOW investors can invest in mutual funds by using mobile phones.

Reliance Capital Asset Management (RCAM) promoted by Reliance Capital in partnership with HSBC, a foreign bank, announced the launch of mobile-based investment initiative that facilitates investments in mutual funds using mobile phones.

Reliance Mutual Fund is the first asset management company to offer the Interbank Mobile Payment Service (IMPS) platform to investors for making investments in mutual funds, Reliance Mutual Fund said in a statement.

Sundeep Sikka, chief executive officer, RCAM said: "With this mobile platform, we are offering our customers an additional mode of payment, which is convenient to use."

Investors can invest in units of Reliance Mutual Fund with this platform by using compatible mobile handsets through IMPS enabled banks, he said.

IMPS is a payments platform that allows customers to use mobile technology as a channel for accessing their bank accounts and initiating inter-bank fund transactions in a fast and secure manner.

"The transactions are done through IMPS enabled banks and this unique service is being offered for the first time in the domestic mutual fund market," RCAM said