Indian Overseas Bank (IOB) expects to sell about Rs 600 crore of mutual fund products with its mutual fund partners during the current year. | |
| Addressing a press conference on the IOB signing an agreement to distribute Principal PNB Mutual Fund products, T S Narayanasami, CMD, IOB, said that around 500 officers were trained to sell mutual fund products and another 300 staff will be trained by end of the month. |
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| The bank will earn two per cent as fee based income in selling mutual funds products which is about Rs 12 crore. |
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| He pointed out that it is usually conceived that mutual funds are a threat to banks, funds mobilised by mutual fund company was Rs 71, 900 crore while banks deposits had garnered about Rs 16 lakh crore as on April 30, 2005. |
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| IOB entered into a tie-up with Sundaram Mutual Fund early during this year and plans to enter into partnerships with Cholamandalam Mutual Fund, Tata Mutual Fund and Franklin Templeton Mutual Fund in a month's time. |
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