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Punjab & Sind Bank to foray into Mutual Fund space
August 07, 2023
State-owned Punjab & Sind Bank has reportedly planned to foray into mutual funds in a bid to expand their fee-based income. The bank aims to find a partner by September 2023.
According to a report by news agency PTI, a senior official of the Punjab & Sind Bank has said that the bank has already floated a Request for Proposal to finalise a partner in the Fintech space. \”we hope to conclude the process soon,\” Punjab & Sind Bank managing director Swarup Kumar Saha told the news agency.
Swarup Kumar Saha told the news agency that the bank would be able to finalise a partner by the end of second quarter and start operations during the current financial year. The asset management business would help the bank in increasing fee income by cross-selling products, he added.
India at the moment has a total of 44 asset managment companies. The Assets Under Management (AUM) management by these companies stood at ₹44,39,187 crore as of 30 June 2023.
The AUM of the Indian Mutual Fund Industry has grown from ₹8.11 lakh crore at June-end 2013 to ₹44.39 lakh crore as of 30 June 2023, more than a five-fold increase in a span of 10 years.
Many public sector lenders, including the State Bank of India (SBI), have their mutual fund subsidiaries.
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