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
In life insurance segment, the bank joined hands with MetLife International (USA) and it culminated into the launch of MetLife India Insurance Company Private Limited, which was incorporated in India on April 11, 2001. MetLife India is a joint venture between MetLife International Holdings Inc., the J&K Bank, M. Pallonji and Co. Private Limited and other small private investors. MetLife India is headquartered in Bangalore.
It is remarkable that MetLife International, headquartered in New York, is number one insurer in the United States based on over US$ 2 trillion of life insurance in force and serves approximately 9 million individual households in the U.S. as well as 87 of the Fortune 100 companies. It has its affiliates, subsidiaries and representative offices in 15 countries.
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.
