Andhra Bank to distribute SBI Mutual products

Hyderabad: "Hardening of interest rates coupled with shrinking of traditional streams of business revenue for the banking industry have led Andhra Bank to shift its focus towards deriving more income from fee-based activities, the chairman and managing director," TS Narayanasami, said.

"The bank plans to emphasise both deposit mobilisation and distribution of financial services," he said.

SBI MF managing director, PGR Prasad, said that with hardening interest rates eroding income levels, and treasury profiles under pressure, it is ideal for banks with a sizeable network to go in for cross-selling of products by taking advantage of the captive clientele and robust infrastructure.