IDBI-Principal Asset Management has tied up with four banks for direct credit/debit facility. The four banks are HSBC, Standard Chartered Grindlays, Citibank and Global Trust Bank. The facility will be available at these banks in Mumbai, Delhi, Chennai, Hyderabad, Kolkatta, Pune, Ludhiana and Chandigarh. The AMC has also partnered HDFC and IDBI Bank to offer this facility in Mumbai.
This facility will initially be available for the cash funds. It will be extended to other funds in the coming months.