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MFs (mutual fund) neglect north-east India, want safety and accessibility
Nagaland Post | Agencies | Mumbai, Apr 14 ()
Shimla, the capital of northern state of Himachal Pradesh, according to a mutual fund official, “is in the north-east region of India.” This is not only shocking but also explains why there is a visible disconnect between Indian asset management companies (AMCs) and the people of the north-east. India’s north east region is the most neglected by the country’s mutual fund industry.
Out of the total 1,606 branches, the region has only 34 branches by a handful of AMCs - like SBI Mutual Fund, UTI MF, ICICI Prudential, Birla Sun Life, Reliance Mutual Fund and Peerless Mutual Fund. However, nearly two-third of these locations (22 in numbers) are concentrated in one state - Assam. Tripura has five while Meghalaya comes third with four branches. Further, Arunachal Pradesh, Nagaland and Manipur have only one branch, each; whereas Mizoram and Sikkim have none.
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* This Post is uploaded on 15 April, 2015
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