Industrial Development Bank of India - Principal Asset Management Company has introduced a novel service for the first time in India called M-Investor services for its investors. M-Investor or Mobile Investor is a strategic initiative to provide investors, the latest updates on their mutual fund investment portfolio via mobile phones.

This is a value added service that provides information such as Net Asset Value, unit holdings and current valuation on all open ended schemes. It encompasses delivery of value added solutions over Short Messaging Service or SMS. M-Investor – SMS works on any mobile phone or device, which supports sending e-mail over SMS. For security and confidentiality reasons, the investor has to use a combination of his account number and mobile personal identification number, MPIN, to access his account.

Says Sanjay Sachdev, MD & CEO, IDBI - Principal AMC, "We are committed to continuously bringing innovative solutions and providing a whole range of value added services to our investors. We believe in equipping ourselves with all the technical changes that are taking place worldwide. The network of IDBI , would play a major role in the growth of IDBI Principal AMC."

IDBI - Principal AMC, is a 50:50 joint venture between the Industrial Development Bank of India, one of the largest development banks in the world and Principal Financial Group, USA, a world leader in the Asset Management and Retirement Planning business. Today, IDBI-Principal AMC has a network of 11 wholly owned offices in 11 cities and 39 access points through IDBI Bank across India. IDBI - Principal AMC is the first provider of Life Stage investment plans in India through its asset allocation program. Investment options such as Cash Management Fund, Income Fund, Balanced Fund, Growth Fund, Index Fund and Equity Fund are being offered by IDBI - Principal AMC.

IDBI was set up in July 1964 by an Act of Parliament as a fully owned subsidiary of the Reserve Bank of India; ownership transferred to the Government of India in 1976, intended as an apex financial institution. A leader and chief coordinator for institutions at national and state levels played a dominant role in balanced development of the industrial sector. In 1982, IDBI transferred its International Finance Division to Export - Import Bank of India, which was established as a wholly owned corporation of the Government of India under the Export - Import Bank of India Act.

IDBI’s always looked forward for business growth and made an attempt to further build upon its area of core competence viz, project financing complemented with the aggressive entry into other compatible business operations. Asset growth of acceptable quality through client driven business deals that would help maintain IDBI’s market share along with enhanced profitability, has been an integral part of the strategy. IDBI’s future strategy would be not only to maintain its premier position in the Indian financial system but to take a position of prominence among top DFIs of the world.

For further information, contact:

Amish Tripathi / Smita Gaikwad
IDBI Principal Asset Management Company Ltd.
Phone: 022 204 4988
Fax: 022 204 4990

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