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Happenings / News / Press CoverageGovt bank staff not so zealous about MF sale
Markets
Saturday, Apr 2010 , 12:04:06 pm
WHEN capital market regulator Sebi clamped down on mutual funds’ incentives to distributors in August last year leading to a fall in product sales, fund houses, owned by public sector banks, sensed a big scope to use their parents’ network to push schemes. Nine months later, these fund houses are realising that this may not be as easy a task as perceived earlier. According to fund industry sources, little incentives to sell mutual fund products, coupled with factors like lack of training and declining profit margins, are prompting top honchos of PSU banks to focus less on product distribution business.
It requires a change in the mindset of bank employees, who are not used to selling these products. The start is far from satisfactory, but there is a lot of scope and hope,” said a top official with a mutual fund owned by a public sector bank.
Data on how much public sector banks have sold mutual fund products after the Sebi move are not public, but officials at fund houses said that sales have not picked up much from the previous year in 2008-09, SBI was the only public sector bank to figure among the top ten banks that sold mutual fund products the most. SBI sold mutual funds worth Rs 4,400 crore, while HDFC Bank has distributed about Rs 21,200 crore, followed by Rs 12,000 crore by HSBC and Rs 10,400 crore by ICICI Bank, according to McKinsey.
In terms of distribution, PSU banks are at the same level as private banks were 10 years ago. They’re just learning to sell mutual funds. We’re already raising sales numbers from PSU bank distributors in far-flung towns. Years down the line, we’ll see PSU banks becoming top volume mutual fund distributors in the country, said Sundeep Sikka, CEO, Reliance Mutual Fund.
Experts say that initially banks continued to focus on their lending business, but the rise of the equity market since 2003 led them to re-focus on the MF business. However, there is need for better training to strengthen distribution chain run by PSU banks.
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 | Fact Sheet | | | Year of Establishment | : | 2007 | | Nature of Business | : | Service Provider | | Major Markets | : | Indian Subcontinent |
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