SBI MF opens 51 branches across B-15 towns in 1 day

India Infoline News Service | Mumbai |

SBI MF expands its reach to savers in Tier II, Tier III towns

SBI Mutual Fund, one of India’s oldest and largest mutual fund houses, in a first of its kind initiative in the Indian Mutual Fund industry, today announced the opening of a record number of 51 branches at one go, in the Beyond top 15 cities spread across 23 states and one Union Territory in the country. With this the total number of branches of SBI Mutual Fund has increased to 161 with a network spreading across 27 states and 4 Union Territories.
SBI Mutual Fund launched the branches in B15 cities with a view to channelize investible surplus available at these non metro and smaller centers. With the presence of SBI Mutual Fund branches in these cities, investors will be facilitated to keep their investment in Mutual Funds. Such an initiative will also go a long way in increasing the financial literacy of investors located in such locations.
UK Sinha, Chairman, Securities & Exchange Board of India (SEBI), in the presence of Arundhati Bhattacharya, Chairman, State Bank of India Group, Dinesh Khara, MD & CEO, SBI Mutual Fund and other senior dignitaries within SBI Group, announced the formal inauguration of the 51 branches of SBI Mutual Fund located in beyond 15 centers.
With the opening of the 51 branches, SBI Mutual Fund would now be No 1 in terms of the number of branches (139) in B15 locations.
Speaking on the occasion, Arundhati Bhattacharya, Chairman, State Bank of India Group said, “There cannot be a more opportune time to make yet another attempt in reaching out to savers in Beyond Top 15 cities, as Indians, who are under-invested in equity asset, would be immensely benefited by the growth of the Indian economy. Historically, Mutual Funds as a financial asset class has proved to be a gainful wealth creation avenue for retail investors. I am sure the new investors, especially the youth, in B15 cities would opt to invest in Equity and Debt market through Mutual Funds.''
Dinesh Khara, MD & CEO, SBI Mutual Fund said “Our focus has always been in reaching out to the savers and increasing assets in Tier II, III towns and offering them, the best of products and services, considering their investment needs. The opening of new branches is a part of our concerted strategy to increase awareness and penetration of Mutual Funds as an investment asset class in Tier II and Tier III towns, also known as B15 cities. B15 includes a large number of knowledgeable investor base, for whom mutual funds can be a good investment option, right from saving tax to helping them achieve long term life stage goals. We intend to reach out to investors in these towns, who have appetite to look beyond traditional investment option.”
“We at SBIMF aspire to be the most preferred and the largest fund house for all asset classes managed by Mutual Fund investments, with a consistent track record of excellent returns and best standards in customer service, product innovation, and technology, Shri Khara added that the opening of 51 branches is a reinforcement of our vision.
SBI Mutual Fund has always donned the mantle of an industry leader. Earlier, in an attempt to reach out to its diverse and ever-increasing investor base especially in Tier II, Tier III markets and to demystify mutual fund as an asset class, SBI Mutual Fund has launched ‘SBI Fund Guru’, a unique, pan-India, multi-lingual multi-media investor education initiative to increase awareness of the investors about Mutual Fund products.
These 51 branches are situated in B15 towns of Andhra Pradesh, Jharkand, Bihar, Rajasthan, Uttar Pradesh, Gujarat, Jammu & Kashmir, Kerala, Karnataka, Madhya Pradesh, Chattisgarh, Maharashtra, Goa, Orissa, Haryana, Punjab, Tamil Nadu, Tripura, Assam, Nagaland, Manipur, Arunachal Pradesh, Bengal and Andaman & Nicobar.



 

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