Srinagar, Jul 7: Jammu and Kashmir Bank has signed a memorandum of understanding with IDBI bank for distribution of IDBI mutual fund schemes.
The memorandum was signed between the subsidiaries of the two banks - Jammu and Kashmir Bank Financial Services Limited (JKBFSL) and IDBI Asset Management Limited (IDBI AML) here yesterday, a spokesman of Jammu and Kashmir Bank said.
Managing Director of the JKBFSL, Abdul Rashid, said: "JKBFSL focuses on meeting growing demand for various financial products like investments in equities, mutualfunds, Gold Fund and derivative products by the investor community in J&K in particular and rest of the country in general.
"This tie-up with IDBI AML is one such initiative to make available to all our customers and investors the array of mutual fund products and wide range of suitable investments options that will help them to achieve financial growth and healthy return on their investments based on informed decisions."
"We are proud to forge a partnership with JKBFSL and look forward to a fraternal relationship. The partnership will help us reach investors in Jammu and Kashmir through wide range of marketing network of JKBFSL," Debasish Mallick, Managing Director of IDBI AML said.