Mutual Fund vs Insurance

Mutual Fund in India was first started by Unit Trust of India (UTI) in the year 1964 in the form of investment trust. UTI initially started with open-ended mutual fund; the first unit scheme offered was the “US-64” and the face value of a single unit was ` 10, to attract the medium and low income group people. UTI enjoyed the monopoly of Mutual fund till 1987 and later the Government of India by amending the Banking Regulation Act, permitted commercial banks in the public sector to set up subsidiaries operating as trusts to perform the functions of mutual funds.

Mutual Funds Industry in India