Table of Contents
- 1 What was US 64?
- 2 What happened to unit64?
- 3 When was the monopoly of UTI came to end?
- 4 What is unit scheme?
- 5 Which bank is best bank in India?
- 6 What is UTI LIC GIC?
- 7 Which funds is lowest in risk?
- 8 What is CA intermediate units?
- 9 What was the NAV of US 64 in 1998?
- 10 When was US 64 established in North Carolina?
What was US 64?
In 1963, the Unit Trust of India (UTI) was established by an Act of Parliament. It was set up by the Reserve Bank of India (RBI) and functioned under the regulatory and administrative control of it. The following year, UTI launched its first mutual fund scheme, Unit Scheme 1964 (US-64).
What happened to unit64?
In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated into two separate entities. 29,835 crores as at the end of January 2003, representing broadly, the assets of US 64 scheme, assured return and certain other schemes.
What is UTI in banking?
UTI is an abbreviation for Unit Trust of India. It was set up under the act of Unit Trust of India Act in 1963. UTI is a statutory public sector investment institution that has the main objective to encourage as well as to mobilize the savings of the community.
When was the monopoly of UTI came to end?
1987
With the entry of public sector mutual funds set up by public sector banks, Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) in 1987, the monopoly of UTI came to an end. SBI Mutual Fund was the first ‘non-UTI’ mutual fund established (June 1987).
What is unit scheme?
A Unit Scheme describes how you want to display numeric slot values in terms of four display attributes: units, scale, precision, and format.
Who is the chairman of UTI?
Leo Puri, managing director of India’s fifth largest fund house UTI Mutual Fund, has been appointed the new chairman of Association of Mutual Funds in India (Amfi), sources said.
Which bank is best bank in India?
HDFC Bank: HDFC Bank has been ranked India’s No. 1 Bank in forbes’ world’s Best bank report….Best Personal Loan Banks in India 2021.
| ICICI Bank | 10.99 – 16.50% |
|---|---|
| Kotak Mahindra | 10.50 – 17.25% |
| Standard Chartered | 14.00 – 21.00% |
| HDFC Bank | 10.75 – 20.75% |
What is UTI LIC GIC?
The UTI was setup on Nov 1963 after Parliament passed the UTI Act. LIC was setup in 1956 after the insurance business was nationalised. The GIC was formed by the central government in 1971. The objective of UTI was to channel the savings of people into equities and corporate debts.
When did SIP started in India?
1993
Mutual Fund Systematic Investment Plans or SIPs were introduced in India way back in 1993 by Franklin Templeton Mutual Fund.
Which funds is lowest in risk?
Top 10 Low Risk Mutual Funds
| Fund Name | Category | Fund Size(in Cr) |
|---|---|---|
| Aditya Birla Sun Life Arbitrage Fund | Hybrid | ₹8,942 |
| UTI Arbitrage Fund | Hybrid | ₹6,184 |
| Kotak Equity Arbitrage Fund | Hybrid | ₹25,000 |
| Tata Arbitrage Fund | Hybrid | ₹11,972 |
What is CA intermediate units?
Unit scheme is meant for those candidates who have passed one of the groups in any of the following exams: Erstwhile Intermediate under Para 2A of Schedule B of CA Regulations 1988( i.e Nov 1994 or later); or. PE II ; or. PCE who have converted to Intermediate (IPC) Course.
What was the market value of US 64?
The US-64 units, which were sold at Rs 14.55 and repurchased at Rs 14.25 in October 1998, thus were around 50% and 47%, above their estimated NAV. In June 1999, the government brought out all PSU stocks in the portfolio of US-64 for Rs 3,300 crore, although their market value was only Rs 1,516.74 crore.
What was the NAV of US 64 in 1998?
The US-64 units, which were sold at Rs 14.55 and repurchased at Rs 14.25 in October 1998, thus were around 50% and 47%, above their estimated NAV. Amidst growing concerns over the fate of US-64 investors, it became necessary for UTI to take immediate steps to put to rest the controversy.
When was US 64 established in North Carolina?
US 64 was established in 1932, joining NC 28 from the Tennessee state line to Old Fort, US 70 / NC 10 between Old Fort and Statesville, and NC 90 between Statesville and Fort Landing. In late 1934, NC 28, NC 10, and NC 90 were dropped along the route.
What was the interest rate on US 64?
The US-64 scheme was very successful in the first year of its launch itself where it was able to sum up Rs 19 crores and offered a 6.1% dividend as compared to the prevailing bank deposit interest rates of 3.75 – 6%.