In a bid to expand fee-based income, state-owned Punjab & Sind Bank is planning to foray into mutual fund space and hopes to find a partner by September, a senior official has said.
“The bank has already floated a Request for Proposal to finalise a partner in the Fintech space, and we hope to conclude the process soon,” Punjab & Sind Bank managing director Swarup Kumar Saha told PTI.
He expressed hope that the bank would be able to zero in on a partner by the end of the 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 noted.
There are 44 asset management companies operating in India. Assets Under Management (AUM) management by these companies stood at Rs 44,39,187 crore as of June 30, 2023.
The AUM of the Indian MF Industry has grown from Rs 8.11 lakh crore at June-end 2013 to Rs 44.39 lakh crore as of June 30, 2023, more than a five-fold increase in a
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