Indian Bank ties up with SBI Mutual fund

Indian Bank has signed an agreement with SBI Mutual Fund to act as corporate agents to sell the latter's mutual fund products at its branches. Indian Bank CMD T M Bhasin said the tie-up was a step in its efforts to become a financial super market besides contributing to the non-interest income.

With this, Indian Bank customers will have access to three mutual funds including UTI Mutual Fund and Reliance Mutual Fund, he said. Indian Bank has over 1,850 branches across the country and is expected to boost the sales of SBI Mutual Fund products.

Pays dividend
T M Bhasin, chairman and managing director, Indian Bank, has presented a cheque for Rs 297.87 crore to the Union finance minister Pranab Mukherjee as dividend payment to the government for the financial year 2010-11.

It includes Rs 257.87 crore as 75 per cent of Rs 343.82 crore dividend on government equity, and another Rs 40 crore as 10 per cent return on preference shares, according to a bank release.