Netfinex.com's founder and managing director, Sudhir Rao said: "Netfinex will offer a `Voluntary Rejuvenation Scheme'... This is targeted at the bankers who have opted for VRS."

Netfinex.com was started a year ago as a personal financial services portal, and nearly $67 million has been invested in this venture.Mr Rao feels that India is the most under prepared nation for retirement, and money is not properly managed.

On the new scheme targeted at the VRS-optioners, Mr Rao said: "We will set up a network of independent financial advisors - ex-bankers and practising accountants - across the country. The intent is to provide a workstation for them. We will set an internet financial transaction network, which would allow money managers to be networked on-line with the financial market. With Mumbai being a harbour to money managers, we intend rolling out 60 installations here followed by Delhi and Chennai. After first testing out 180 practicising accountants, we will immediately roll out this option to ex-bankers who have opted for VRS, and who intend becoming self employed professionals."

But why target ex-bankers and accountants?
"We did a research study with IMRB where they derived that consumers wanted chartered accountants (CAs) and bankers as their financial advisors. CAs are self-employed and have a client base... we have already met 400-600 CAs. We are starting with three cities," Mr Rao said.

Bankers who have opted for a VRS are being eyed as they have expertise in personal banking. Mr Rao said: "They (the bankers) know how to deal with clients and are in the business of understanding people's money. We are expecting 20,000 bankers to voluntarily retire from their existing services by March 2001."

But how will Netfinex be successful in its attempt to set up IFAs?
Mr Rao said: "In a way, we are introducing a voluntary rejuvenation scheme for bankers... We will impart training to bankers on their advisory role. They will also be connected real time, and given updates on news".

Netfinex.com is also in discussion with banks to put in the same technology into their personal banking branches.