In a bid to expand fee-based income, Punjab & Sind Bank is planning to foray into mutual fund space and hopes to find a partner by September. The bank has already floated a Request for Proposal to finalise a partner in the Fintech space. The asset management business would help the bank in increasing fee income by cross-selling products.
Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.
