IDBI Asset Management Ltd. (IDBI AMC) has got approval from the Securities and Exchange Board of India (SEBI) to launch its own mutual fund.

IDBI AMC is the wholly-owned subsidiary of IDBI Bank. It has plans to come up with its fixed income and equity based category of MFs, soon.

Talking on the occasion, Yogesh Agarwal, Chairman and Managing Director of IDBI bank said that the launch of these asset management services is in-line with the bank's long-term growth strategy. The financial major wants to become the leading Universal Bank and that is only possible when it comes to the AMC business as well. For providing the whole range of financial services, this main source of retail as well as institutional finance can not be ignored.

He further added that the established brand name of IDBI bank will help in attracting the investors.

Seconding Anil's views were that of Krishnamurthy Vijayan, the MD and CEO of IDBI AMC. He said that this sector is undergoing a great phase of growth and IDBI AMC wants to be a part of it.

IDBI Bank is already established in many other financial areas like capital market and home-finance et al.