UTI Mutual Funds to be available at Central Bank branches

New Delhi, Jun 27 (UNI) UTI Mutual Fund (UTI MF) and Central Bank of India today announced they have entered into an agreement for distribution of UTI MF schemes.

Under the agreement, Central Bank of India will distribute the entire range of UTI MF's schemes across the bank's selected branches.

''This initiative endorses UTI MF's strategy to expand and value add its access network. With this tie-up, customers of Central Bank of India will get an opportunity to invest in UTI MF schemes closer to their doorsteps at the branches where they do their banking transactions,'' UTI AMC Chairman and Managing Director U K Sinha said.

Central Bank of India Chairman and Managing Director H A Daruwalla said, ''Our agreement with UTI MF is a part of the bank's strategy to increase exposure in off-balance sheet activities and making available a variety of products to customers under one roof which is becoming indispensable for present day bankers.'' The bank has initially identified 100 branches across the country where from mutual fund products will be sold to investors, she added.

UTI Mutual Fund has a wide distribution network comprising 69 Financial Centers (UFCs), 284 Chief Representative offices, 113 Chief Agents and over 24000 AMFI certified Financial Advisors. UTI Mutual Fund also reaches out to its investors through tie-ups with several banks and Department of Post.

Central Bank of India is one of the leading commercial banks under public sector with a network of over 3150 branches.

The bank has achieved a total business level of Rs 1,06,000 crore during the year ended March 31, 2006 by registering an overall business growth of 17 per cent.

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