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Praising the Rs.46 lakh crore mutual fund industry, the Union Finance Minister Nirmala Sitharaman said that the mutual funds have done a great job by reaching out to people staying beyond top 30 cities. She was speaking at the Global Fintech Festival held today in Mumbai.
Sitharaman said that the fintech industry should learn from the mutual fund industry to increase their penetration in hinterland.
Sitharaman also said that the Indian mutual fund industry has grown phenomenally well over the last 10 years.
Talking about dealing with unclaimed amount, Sitharaman said that making nomination in financial products like mutual funds will reduce the instances of money lying unclaimed. She said that this will ensure the investment and savings reach the nominee account.
