Page 18 - BANKING FINANCE NOVEMBER 2023

MUTUAL FUND

equity mutual funds fell 30.4% sequen- As per AMFI data, the cumulative As- According to the Scheme Information
tially in September 2023, the data set Under Management (AUM) for the Document, the investment objective of
showed. mutual fund industry stood at Rs. the scheme is to provide investment re-
46.58 lakh crore as of September 30. turns closely corresponding to the total
"The Mutual Fund industry crossing the
4 crore unique investors mark is a tes- returns of the securities as represented
tament to Indian retail investors' par- Bajaj Finserv Mutual Fund by the Nifty 50 Total Returns Index be-
fore expenses, subject to tracking er-
ticipation in equity markets through the launches Bajaj Finserv
Mutual Fund route. This is further dem- rors, fees and expenses The scheme
onstrated by the SIP contribution of Rs. Banking and PSU Fund will have direct and regular plans, with
16,042.06 crores in September 2023 Bajaj Finserv Mutual Fund has an- both growth and IDCW options.
which is the highest to date and the nounced the launch of Bajaj Finserv Bank- The scheme will allocate 95-100% as-
stellar growth of 21% in overall AUM," ing and PSU Fund, an open-ended debt sets in equity and equity-related secu-
said NS Venkatesh, CEO, of AMFI. scheme investing in debt instruments of rities of companies constituting Nifty
banks, public sector undertakings, pub- 50 Index, and 0-5% assets in money
"Equity-oriented funds continued to
lic financial institutions and municipal market instruments, units of liquid
witness net inflows in September,
bonds with relatively high interest rate scheme and cash and cash equivalents.
marking the 31st consecutive month of
risk and moderate credit risk.
net inflows. The segment witnessed
net inflows of Rs. 14,091.2 crores in The fund will be jointly managed by Customers can invest in
September 2023 lower than what it Siddharth Chaudhary, Senior Fund
witnessed in the previous month (Rs. Manager- Fixed Income and Nimesh MFs using Visa debit
20,245.26 crore). The equity segment Chandan, CIO. Visa, one of the leaders in digital pay-
was also aided by 6 new fund launches Bajaj Finserv Mutual Fund has an- ments, has introduced a new initiative
in September which garnered INR nounced the launch of Bajaj Finserv that enables consumers to invest in
2,503 crore," said Melvyn Santarita, Banking and PSU Fund, an open-ended mutual funds using their Visa debit
Analyst - Manager Research, debt scheme investing in debt instru- cards.
Morningstar Investment Adviser India. ments of banks, public sector undertak- Launched in partnership with
Among the equity asset class, the ings, public financial institutions and Razorpay, the service is now available
sectoral/thematic funds saw the high- municipal bonds with relatively high to customers of Federal Bank and ICICI
est inflows to the tune of Rs. 3,146.8 interest rate risk and moderate credit Bank. "With the Indian mutual fund
crore during the month. "The spike in risk. industry's average assets under man-
the flows of this category could also be agement valued at Rs. 46.94 trillion for
attributed to the fact that there were Baroda BNP Paribas Mu- August 20231, a six fold increase in 10
4 new fund launches in this category tual Fund files draft for years, this innovative move will allow
which cumulatively garnered Rs1,629 retail investors to enjoy the conve-
crore during the month of September. NIFTY 50 Index Fund nience, safety, and security of using
In August 2023 too, this category saw Baroda BNP Paribas Mutual Fund has their debit cards for mutual fund in-
the highest flows ( Rs. 4,805.81 crores filed a draft for Baroda BNP Paribas vestments," Visa said.
aided by 5 new fund launches)," said NIFTY 50 Index Fund. The scheme will By using their Visa debit card for in-
Melvyn Santarita be an open-ended scheme replicating/ vesting in mutual funds, consumers can
tracking the NIFTY 50 Total Return In-
In the debt funds category, outflows now set and modify their own transac-
dex.
surged significantly. Smallcap fund in- tion limits, it said. Also, customers can
flows stood at Rs. 2,678 crore. Midcap The scheme will be benchmarked see all their SIPs linked to their debit
funds stood at Rs. 2,001 crore. Mean- against Nifty 50 Total Returns Index. card alongside other recurring pay-
while, the Systematic Investment Plan The scheme will be managed by ments, by logging into their bank's sub-
(SIP) inflows stood at Rs. 16,402 crore. Neeraj Saxena. scription management portals.

BANKING FINANCE | NOVEMBER | 2023 | 17