J&K Bank has entered into tie-ups with reputed Asset Management Companies for distribution of Mutual Fund products.
Mutual Fund industry is one of the fastest growing segments in financial services in India. Over the years, banks in India have emerged as the biggest distributors of financial products. This has helped the banks to capture and retain their huge client base and simultaneously adding a steady stream of fee based income.
Mutual Funds have become an attractive proposition for investors in the current context and for J&K Bank it will be a good investment option to have in our product portfolio. This shall be an important step towards converting the bank branch into a financial supermarket addressing all the financial needs of the customers thus helping the bank retain the customers within its fold.
Moreover the branch can augment its fee based income the Bank aims to match to industry standards.
The AMCs with which the Bank has entered into an arrangement are: UTI,Kotak and Reliance Mutual Fund. The Bank shall undertake distribution of their current schemes as well as NFO (New Fund Offer) as and when the AMC comes up with the same.
Insurance Services -Life Insurance
MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and was incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors.
MetLife is one of the fastest growing life insurance companies in the country. It serves its customers by offering a range of innovative products to individuals and group customers at more than 600 locations through its bank partners and company-owned offices. MetLife has more than 32,000 Financial Advisors, who help customers achieve peace of mind across the length and breadth of the country.
MetLife, Inc., through its affiliates, reaches more than 70 million customers in the Americas, Asia Pacific and Europe. Affiliated companies, outside of India, include the number one life insurer in the United States (based on life insurance in force), with over 140 years of experience and relationships with more than 90 of the top one hundred FORTUNE 500® companies. The MetLife companies offer life insurance, annuities, automobile and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement and savings products and services to corporations and other institutions.
The bank is also Corporate Agent of MetLife and is marketing its products through its strong branch network.
The bank has a tie –up with Western Union Financial Services Inc., an international leader in money transfer services through its primary agent SITA, a division of Kuoni Travels India Pvt. (“Kuoni”) to provide inbound money transfer services to customers across the country. As a result of this association, people in general and J&K Bank customers in particular are availing the facility of receiving money from their relatives and friends abroad using the Western Union Money Transfer service.
Our bank has also has an arrangement with Reliance Capital –Travelmate to provide inbound money transfer services to customers across the country. A number of branches in J & K and all the branches outside state have been added to the existing list to bring more customers to the bank’s fold for availing this facility.