2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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SBI Mutual Fund
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Tata Mutual Fund
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ICICI Prudential Mutual Fund
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Birla Sun Life Asset Management
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Detailed explanation-1: -The first mutual fund scheme that was introduced in India by UTI was in the Unit Scheme (1964). UTI had Assets Under Management worth Rs. 6,700 Crores, by the end of the year 1988. In 1987, public sector enterprises such as State Bank of India, Punjab National Bank, Canara Bank, etc.
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 concept of mutual funds was invented in Europe in early 1770s. During a bleak economic situation, Adriaan Van Ketwich, a Dutch merchant created the world’s first mutual fund in 1774. He pooled money from several individuals and created a diversified fund of bonds.
Detailed explanation-4: -The first introduction of a mutual fund in India occurred in 1963, when the Government of India launched Unit Trust of India (UTI).