Open Added Money Market Scheme was firstly introduced by

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	UTI Mutual Fund
B	IDBI Mutual Fund
C	ICICI Mutual Fund
D	LIC Mutual Fund

Explanation:

Detailed explanation-1: -SBI Mutual Fund was the first ‘non-UTI’ mutual fund established in June 1987, followed by Canbank Mutual Fund (Dec. 1987), Punjab National Bank Mutual Fund (Aug. 1989), Indian Bank Mutual Fund (Nov 1989), Bank of India (Jun 1990), Bank of Baroda Mutual Fund (Oct. 1992).

Detailed explanation-2: -In 1971, Bruce R. Bent and Henry B. R. Brown established the first money market fund. It was named the Reserve Fund and was offered to investors who were interested in preserving their cash and earning a small rate of return.

Detailed explanation-3: -Money Market Mutual Funds (MMMFs) were introduced in India in April 1991 to provide an additional short term investment avenue to investors and to bring money market instruments within the reach of individuals. The guidelines for MMMFs were announced by the Reserve Bank in April 1992.

Detailed explanation-4: -Money Market Mutual Funds (MMMFs) were introduced in India in April 1991 to provide an additional short-term avenue to investors and to bring money market instruments within the reach of individuals.

There is 1 question to complete.