SBI MF floats Nifty Bank Index Fund; Union MF launches short-duration fund

SBI Mutual Fund (MF) on Friday announced the launch of Nifty Bank Index Fund, an equity scheme which will track the Nifty Bank index. 

 

According to the fund house, the fund is aimed at providing investors with the opportunity to invest in the largest and most influential banks in India, which continue to lead and transform the nation’s banking sector.

 

Union Mutual Fund (MF) on Friday announced the launch of a short duration fund, a debt MF offering which will invest in short-term debt instruments such that the Macaulay duration of the portfolio is between 1 year to 3 years. Debt funds including short duration funds, in addition to, accrual returns offer the potential for mark-to-market gains when interest rates decline, the fund house said.