United Bank of India is tying up with Kotak Mahindra to sell mutual funds. UBI currently has tie-ups with five asset management companies, including UTI, HDFC, Franklin Templeton, Reliance and ICICI Prudential for selling mutual fund schemes. In addition to mutual funds, UBI is also selling insurance policies as part of its drive to boost non-interest income. Selling mutual funds and insurance policies through third-party companies constitutes UBI’s non-traditional non-interest income. Currently, UBI’s business from mutual fund and insurance schemes is estimated to be around Rs 14.5 crore, which is about 5% of total non-interest income. However, the bank will focus on its mutual fund businesses in the coming days with greater vigour.
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