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AU SFB to sell mutual funds

AU Small Finance Bank has concluded agreements with 11 asset management companies – both domestic and international – to distribute their mutual funds. The bank aims to be a one-stop shop for its existing customers. Within 6 months of commencing banking operations, the bank has started cross-selling general insurance and health insurance, and now adds mutual funds in its product offerings. Sanjay Agarwal, MD & CEO of the bank said the intention is not just to boost revenue but to provide all financial solutions to the bank’s customers for better services leading to better customer retention. Being a small finance bank, he said the bank has the advantage of greater market presence in low and middle-income category, unserved / underserved geographies compared to other banks which provides a strong distribution platform to the AMCs. The bank would use NSE NMF II, a seamless platform, to process the mutual fund business where there is only one time need of customer registration.

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