Franklin Templeton has signed on with a bank distribution partner for its Indian business. The San Mateo, California-based fund firm is already a major player in the Indian market, though the alliance should add to its bank channel distribution in India.

Thursday Franklin Templeton signed a memo of understanding with the Federal Bank based in Kerala, reported the New Kerala news service. The Federal Bank is the largest private sector bank in Kerala, according to the news source.

Franklin Templeton has a similar distribution arrangement in place with Catholic Syrian Bank. Meanwhile, Federal Bank has already made distribution agreement with three other fund firms.

Under the reported terms of the deal, Federal Bank will distribute all of Franklin Templeton's Indian products -- a line that includes mutual funds and insurance -- its network of 456 branches throughout India.

President Ravi Mehrotra and Federal Bank Chairman and CEO M Venugopalan told reporters that they are expecting 25 percent to 30 percent annual growth in the business.  

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