The assets under management of the most NBFCs grew in the range of 18-41 percent in the April-June quarter, however, the high cost of funds is likely to put pressure on their net interest margins
The Tamil Nadu-based company was managing AUM of around Rs 12,400 crore at the beginning of the year, Managing Director and CEO K Swaminathan said.
The record high SIP numbers came despite the equity mutual funds registering a 12 per cent month-on-month decline in inflow to Rs 7,626 crore in July, data with the Association of Mutual Funds in India (Amfi) showed on August 9.
"The bank has already floated a Request for Proposal to finalise a partner in the Fintech space, and we hope to conclude the process soon," Punjab & Sind Bank managing director Swarup Kumar Saha told PTI.
According to latest data available with the market regulator Securities and Exchange Board of India (Sebi), Assets Under Management (AUM) of portfolio managers increased to Rs 6,17,208 crore at the end of May, from Rs 6,11,628 crore in the previous month.
The mutual fund investments in software stocks fell to Rs 16,557 crore in April. The April figure also marks the first monthly decline in mutual funds allocation to the software stocks since the beginning of calendar year 2013.