Financial Daily from THE HINDU group of publications
Thursday, Jan 22, 2004
Financial Daily from THE HINDU group of publications Thursday, Jan 22, 2004 |
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Money & Banking
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Public Sector Banks Indian Bank to sell UTI MF schemes Our Bureau
Mr M. Damodaran (left), Chairman and Managing Director, UTI MF, and Mr M.B.N. Rao, Chairman and Managing Director, Indian Bank, after signing an agreement in Chennai on Wednesday. -- Shaju John
Chennai , Jan. 21 UTI Mutual Fund and Indian Bank announced a tie-up for distribution of UTI Mutual Fund schemes on Wednesday. The schemes will be offered across 180 branches of the bank, in first instance. UTI will be making a couple of its officials available for training bank officers in selling these schemes, Mr M.Damodaran, Chairman and Managing Director, UTI Asset Management Company, said. Refusing to set any targets on the business that would be generated through this tie-up, Mr Damodaran said, ``numbers are a limitation, and we shouldn't set one for our officers". He said, "Indian Bank was a natural partner, since both organisations had been tested by fire". Mr M.B.N. Rao, Chairman and Managing Director of Indian Bank, said, "This tie up should have happened even earlier. There is no reason to put it off. We want to try and provide our customers with all services". Asked to comment on how he saw the stock market moving, Mr Damodaran said, "The market has not yet reached the highest levels that it is capable of. But I am not joining the numbers game and giving any figure." Mr Damodaran expected the asset reconstruction company, ASREC, set up by UTI Mutual Fund, to be able to deal more flexibly with stressed assets, since "there was an ability to aggregate debt and there was commonality of interests among other co-promoters such as LIC, Bank of India and Allahabad Bank." He said that the every rupee recovered out of the gross non performing assets of Rs 924 crore would help push up the Net Asset Value (NAV) of the fund since everything was fully provided for.
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