ECONOMICS
FINANCIAL MARKETS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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SBI
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HDFC
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Canara Bank
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Bank of India
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Detailed explanation-1: -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-2: -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-3: -It was the first Indian Mutual Fund player to launch a ‘Contra’ fund, called the SBI Contra Fund. In 2013, SBI Mutual Fund India acquired Daiwa Mutual Fund, part of the Daiwa Group of Japan. SBI Mutual Fund is the first in India to launch an ESG Fund.
Detailed explanation-4: -Launched in 1987, SBI Mutual Fund became the first non-UTI mutual fund in India.
Detailed explanation-5: -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.