Now Mutual Fund transactions in ATMs

Oct 5

Now Mutual Fund transactions in ATMs

Union KBC Asset Management Company Pvt Ltd (Union KBC), a subsidiary of Union Bank of India, is to introduce mutual fund-related transactions through ATMs.

Initially, the facility christened as ATMfunds@Union Bank will be available to all the customers of Union Bank, who have a debit card. The facility will be launched nationwide this month, Mr G. Pradeepkumar, CEO of Union KBC, said here on Monday.

It will also be launching online facilities for mutual fund-related transactions shortly. Union Bank KBC has also introduced UB KBC Prabodh, a series of investor awareness programmes for mutual fund investors.

Mr Pradeepkumar, who was here in connection with the launching of these initiatives in Kerala, said that Prabodh is a commitment to provide 1000 AMFI Investor Awareness Programmes for ordinary investors across India over the next 12 months.

Prabodh is a multi-layered initiative, not only focused on education, but also the practical goal of getting more informed clients to invest in mutual funds, he said, adding that the company expected that at least three per cent of its revenues could be generated from Kerala.

The company, which already has two mutual fund products – equity fund and liquid fund – would be coming out with a tax-saving mutual fund product soon.

He said the company could able to collect Rs 166 crore from the equity fund since its launch in June.

Union KBC is a joint venture between two complementary partners comprising Union Bank of India which has over 3,000 outlets and approximately 30 million customers and KBC Asset Management NV of Belgium having over 50 years of experience in the area of investment management.

Leave a Reply

Your email address will not be published. Required fields are marked *