GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ICICI Bank
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Bank of Baroda
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State Bank of India
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Punjab National Bank
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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 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-3: -Oldest Mutual Funds in India: The Indian mutual fund industry kickstarted in 1963 with the Unit Trust of India (UTI). The initial scheme launched by the Unit Trust of India with an initial capital of INR 5 crore.
Detailed explanation-4: -Early history. The first modern investment funds, the precursor of mutual funds, were established in the Dutch Republic. In response to the financial crisis of 1772–1773, Amsterdam-based businessman Abraham (or Adriaan) van Ketwich formed a trust named Eendragt Maakt Magt ("unity creates strength").