State-run, Central Bank of India has entered into an agreement with Kotak Mahindra Asset Management Company (AMC) to distribute latter's mutual fund products through its network.

"Under the agreement Central Bank of India will offer the entire bouquet of Kotak Mutual Fund products from the bank's branches," said Central Bank of India.

CEO of Kotak Mahindra AMC, Sandesh Kirkire said, "The banking channel is one of the best platforms to reach out to retail investors. Offering advice on mutual fund investments is an extension of the value added services that are offered by banks. With this tie-up, customers will gain easy access to the various schemes of Kotak Mahindra AMC at the branches where they do their banking transactions."

Commenting on the tie-up, General Manager of Central Bank of India, Mr G.P. Chitnis said, "In the Indian financial markets, mutual funds have established themselves and gained popularity amongst the retail investors. For us, this tie up will open up further opportunities to provide our vast client base with a wider choice of products to meet their diverse financial needs. It will also give a boost to bank's fee-based income."

Central Bank of India was established in 1911 and since then it has established itself as a one of the popular brand names. The bank has a strong network of more than 3416 branches, 230 extension counters and 400 ATMs. Presently it has a business of about Rs 197,000 crore and it will cross Rs 2 lakh crore shortly, said Mr Chitnis.

Kotak Mahindra Asset Management Company which started its operations in December 1998 is a wholly owned subsidiary of Kotak Mahindra Bank Ltd. It offers a wide range of products and services suiting the diverse and varying needs of its investors.