CURRENT AFFAIRS

Detailed explanation-1: -Notes: PhonePe became the first digital investment platform to launch UPI based AutoPay functionality for its Mutual Fund (MF) Systematic Investment Plans ( SIP) and offerings in India.

Detailed explanation-2: -The correct answer is DigiBoxx. India’s first digital asset management platform DigiBoxx was launched on 23 December 2020.

Detailed explanation-3: -Outlook Money CAMSPay has collaborated with Tata Mutual Fund to launch the UPI AutoPay solution, while simultaneously also enabling the instant systematic investment plan (SIP) registration.

Detailed explanation-4: -The Mutual Fund industry in India started in 1963 with formation of UTI in 1963 by an Act of Parliament and functioned under the Regulatory and administrative control of the Reserve Bank of India (RBI).

Detailed explanation-5: -By activating an SIP, a fixed amount is deducted from your bank account every month, which gets invested in the mutual fund of your choice. Unlike a lump sum investment, you spread your investment over time with an SIP.