IDFC said, the proposal to raise fund management charges in NPS will sustain the pension fund industry in the long-run as all players are losing money with the current charges
The specialised banking outfit would primarily sell products like insurance, life and general, credit card and mutual fund instead of the traditional products of deposit and loan
Jaipur: The State Bank of Bikaner and Jaipur (SBBJ) on Thursday opened its first Financial Super Market branch in the city, aiming to sell non-standard products like insurance, credit card and mutual fund, reports PTI.
"This is a first-of-its-kind financial super market in the country. The focus of the well-equipped specialised banking outfit is primarily on selling products like insurance, life and general, credit card and mutual fund instead of the traditional products of deposit and loan," SBBJ Managing Director Shiva Kumar said.
The branch has been opened in a mall at Tonk Road.
"Cross selling of non-traditional banking products like insurance and mutual front is gaining momentum across the country and there is a need for specialised outfits to serve the needs of better educated diversifying customers," he said.
SBBJ Financial Supermarket will primarily sell and service products of its channel partners like SBI Life, Mutual Fund, SBI General and SBI Card, both across the counters and through electronic means.
The Channel partners have stationed their specialists at this Branch.
"Banking products are diversifying rapidly and the needs of customers are more varied now.
The attempt of SBBJ is an answer to the emerging needs of customers to approach a brick and mortar set up for services and resolution," he added.
"Customers desire a location to have the confidence of seeking resolution of any issue. The customer will get this satisfaction with the launch of this Financial Supermarket," Kumar said.
He informed that the Supermarket will not only serve the walk-in customers but also provide online and direct support to all its branches and customers across India.
"We expect to enhance our other income with the launch of the Financial Supermarket," he said.