MFs average assets under management decline in July
The mutual funds’ average assets under management (AAUMs) have dipped for the second month in a row after banks pulled out money from liquid funds in July.
The Reserve Bank of India (RBI) hiked the cash reserve ratio (CRR) or the amount of money that banks have to keep with the central bank in May as well as this month.
The industry registered AAUMs of Rs 5,29,340.68 crore in July, going by the data released by the Association of Mutual Funds of India. This data does not include AAUMs of Taurus Mutual Fund as the data was not available on the website.
The AAUMs were Rs 6,00,266.32 crore in May and Rs 564,752.75 crore in June. Compared to May’s figures, the AAUMs have shrunk by close to 12 per cent in July.