A recent press report said that HDFC Mutual Fund, one of the leading Mutual Fund House in India, and Shamrao Vithal Bank (“SVB”), one of the largest co-operative banks in India, have announced that they have entered into an alliance to offer the entire bouquet of HDFC Mutual Fund’s schemes through the bank’s 105 branches in 7 states across the country.
Mr. Shrinivas D. Joshi, Chief Executive Officer, SVB said that tie-up would go a long way in further strengthening the bond with its customers by offering them superior investment option in HDFC AMC’s mutual fund schemes.
He said that the bank has a full-fledged department to handle third party products [TPP] which is an independent contributor to the Bank’s bottom-line and the tie-up with HDFC AMC would add more robustness to the bank’s TPP business. SVB is well known for the various loan schemes; its home loan is called “”Good Homz” which does not emphasize on collateral or guarantor.
Mr. Kiran Kaushik, Sr. Vice-President and Head – Sales and Distribution, HDFC Asset Management Co. Limited said that the tie-up will give the company an opportunity to tap customers across the bank’s extensive network in 7 states and further strengthen our position in the market. At the same time, it will also offer SVB customers an easy access to reliable investment products.