Reuters in tie up with Airtel to offer commodity price service

MUMBAI: Reuters and mobile operator Airtel are working jointly on a pilot project to provide commodity prices through text messaging service.

Aimed at the farmer community, subscribers can receive quick updates on the commodity market.

The pilot project is slated to kick off in August for the Maharashtra region, Reuters South Asia managing director Samir Shah said on the sidelines of a press conference.

The messaging service will be provided in the Marathi language. The farmers will have access to real-time information on commodity prices. This will enable them to make informed choices about when and where to sell their produce.

"The aim is to link farmers and traders and also provide them reports on commodity prices from all major markets. By using the mobile messaging service, the farmers can obtain the market updates. They can also be informed about the international prices in their own language," Shah said.

Reuters is targeting early next year to launch this service on a national scale by tieing up with various mobile operators.

Earlier addressing the press conference, Shah said Yes Bank has chosen to make prices on Reuters Trading for Foreign Exchange (RTFX).

The bank has also signed up for Reuters leading edge pricing engine technology, Reuters Electronic Trading for Automated Dealing (RETAD), to automate its FX transactions in a real time environment over the bank's intranet.

Recently, Reuters had signed in Union Bank of India, the first public sector bank in India to become a market maker on Reuters Trading for Foreign Exchange (RTFX) and Reuters Trading for Bullion.

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