The mutual fund (MF) industry turned digital rapidly in the pandemic, with even non-financial transactions going online. Yet MF companies aren't pulling the plug on physical branches and many are even increasing their count.
SBI Mutual Fund leads the way by adding close to 55 new branches since January 2020. The country's largest fund house has a physical presence in even small towns like Purulia (West Bengal), Mirzapur (Uttar Pradesh), Chaibasa (Jharkhand), and Srikakulam (Andhra Pradesh) among others.
"Covid-19 infused lockdown made online the preferred way to stay connected to investors, but we believe offline interactions are equally important to serve millions of investors who might be more comfortable with in-person interactions. Branches continue to be critical to expand our services to under-served towns in India.
With this aim we have added around 55 branches since January 2020," said D P Singh, deputy managing director and chief business officer, SBI Mutual Fund.
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