" It is also in keeping with Deustche Bank's commitment to offer innovative products and services, this service will enable us to provide multiple interfaces and greater operational flexibility to our clients", Deutsche Bank's head of custody business management and product planning (India, Pakistan, Sri Lanka and Indonesia) Venkatesh Roddam, said.

Deutsche Bank claims to be one of the world's largest providers of fund administration and accounting services.

The bank is also a market leader in the Asia-Pacific region."This is a significant development for our custody business in India. "With the software in place we can now, in addition to our other products, provide total back office outsourcing to our mutual fund clients. "This capability reinforces our position as a leading innovator and provider of custody services in India", Roddham said.

The MFUND/FABS 1.0 Version is a modified version of MFUND-the software currently used by mutual funds in India. MFUND/FABS 1.0 Version was developed to meet the increasingly complex fund administration and accounting needs of fund managers. The software can be customised to suit client requirements and has the ability to incorporate features such as multi-currency accounting to cater to future industry needs.

The Deutsche Bank offering will enable mutual funds to maintain accounting records, tabulate daily net asset values, regulatory and client reporting.

Deutsche Bank said that in the coming months, it will add an interface between fund accounting and cash management, custody and registrar systems.