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UCBs to distribute MF products

MUMBAI: The Reserve Bank of India on Thursday allowed registered urban cooperative banks (UCBs) to market mutual fnd (MF) products on certain conditions. In a notification, the central bank said UCBs should act as an agent of the customers to the mutual fund house. But the MF units should not be acquired from the secondary market. The central bank also prohibited UCBs from buying back units from the customers.

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