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Mirae Asset Mutual Fund has launched Mirae Asset Nifty Bank ETF, an open-ended scheme tracking Nifty Bank index.
The underlying index gives exposure to 12 private and public sector banks, where weightage of each constituent in the index is based on its free-float market capitalisation.
Siddharth Srivastava, Head - ETF Product, Mirae Asset Mutual Fund believes that Indian banking sector is likely to perform well in future. He said, “Banking sector as a whole has been reporting very healthy growth in the last 4-5 years with most of the banks leaving their Non-Performing Assets (NPAs) issue behind. With economy slated to register close to 7 per cent annual growth, the Indian banking sector is all poised to record substantial growth in the coming years."
