Pantaloon Retail India Ltd (PRIL) – the flagship company of the Future Group – is planning to expand Future Money outlets from the existing 95 to 400 in about 50 cities across India by 2010. The formats would vary from shop-in-shop formats within Big Bazaar, Central, Home Town and E Zone stores, apart from standalone independent outlets in major metros including Tier I and II cities, company sources told FE.

In June 2007, Future Capital Holdings Ltd (FCHL), a financial arm of the Kishore Biyani-led Future Group, launched its retail financial services offering – Future Money – with the objective of becoming the leading retailers of financial products and services in India. Pursuant to an agreement with PRIL, it has the exclusive rights to provide financial products and services at present and future malls, stores and retail outlets in India which are owned, managed and controlled by PRIL and its subsidiaries.

According to Kishore Biyani, managing director, FCHL, “Within a month, FCHL is planning to foray into distribution of financial products, including credit cards. FCHL has entered into an agreement with ICICI Bank for marketing and distribution of the yet-to-be-launched Future Card, which will be a credit card offering loyalty points to customers. With the move, over five lakh ICICI Big Bazaar credit card holders will be asked to migrate to Future Card after obtaining a written consent. Customers shopping at various stores such as E Zone, Home Town, Central, Big Bazaar – from the House of Future Group – will be able to avail of the Future Card facility. With the move, we hope to increase our customer base extensively.” Currently, the two main retail financial services products are consumption loans (which are loans to finance the purchase of durables, furniture and other consumer goods and personal loans, which are unsecured credit lines to individual customers. “FCHL is also in the process of finalising detailed terms for acting as a corporate agent for Future Generali India Insurance Company Ltd for general insurance products and, for Future Generali India Life Insurance Company Ltd for life insurance products.