News From Press Mutual funds attract 6% of household savings in FY23, shows RBI data

Mutual funds attract 6% of household savings in FY23, shows RBI data

Source: Business Standard Sep 21, 2023

Household investments in mutual funds (MFs) reached a record Rs 1.8 trillion during the 2022-23 financial year (FY23), largely driven by strong inflows through systematic investment plans (SIPs).

However, their share in the total household savings declined slightly -- to 6.1 per cent from 6.2 per cent in FY22, according to data from the Reserve Bank of India (RBI). In FY21, this figure had been a mere 1.3 per cent.

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