BANKING AFFAIRS

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: -SBI Mutual Fund was the first non-UTI Mutual Fund established in June 1987 followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92).

Detailed explanation-3: -The first mutual funds to be started in India was in 1963, when Unit Trust of India (UTI) was formed jointly by Government of India and the Reserve Bank of India.

Detailed explanation-4: -SBI Mutual Fund is a payment system introduced by State Bank of India (SBI) and incorporated in 1987 with its corporate head office located in Mumbai, India. SBIFMPL is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a European asset management company.

Detailed explanation-5: -The former Kothari Pioneer (now merged with Franklin Templeton Mutual Fund was the first private sector mutual fund company registered in July 1993. This was the first private sector mutual fund. Later in 1996, the SEBI regulations were replaced and revised with more comprehensive rules.