2 Indian lenders partner in distributing mutual funds

State Bank of India's tie-up with Bank of Maharashtra aims further expansion to semi urban and rural investors.

Bank of Maharashtra and State Bank of India Funds Management have fostered partnership in  distributing mutual funds of the latter through the bank's branches across the nation.

Through this alliance, 'Magnum Equity Fund', an open-ended equity diversified scheme, will offer investors growth-potential and capital appreciation to help plan for future needs in the medium to long term, the release said, as reported in DNA India.

SBI Funds Management managing director Achal Kumar Gupta said that the partnership with Bank of Maharashtra is a part of SBI's effort to expand their reach to the semi urban and rural investors.

"Our quality products would now be available to the customers of Bank of Maharashtra across the country. And with our superior fund performance and efficient customer service, we will be able to add value to the customers of the bank," Gupta added.