BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which was the first mutual fund started in India?
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SBI Mutual Fund
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Indian Bank Mutual Fund
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Kotak Pioneer Mutual Fund
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Unit Trust of India
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Explanation:
Detailed explanation-1: -Unit Scheme 1964 (US ‘64) was the first scheme launched by UTI. At the end of 1988, UTI had ₹ 6, 700 crores of Assets Under Management (AUM).
Detailed explanation-2: -First Phase-1964-1987 Unit Trust of India (UTI) was established in 1963 by an Act of Parliament.
Detailed explanation-3: -The modern mutual fund that we know today first appeared in Boston in 1924 with the introduction of the Massachusetts Investors’ Trust, which was the first mutual fund with an open-end capitalization, allowing the fund to continuously issue and redeem its shares.
Detailed explanation-4: -The second is the UTI Mutual fund carved out of Unit Trust of India, which functions under SEBI MF regulations from February 1, 2003.
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