Tata Mutual Fund launches SIP Fund Series 3

Tata Mutual Fund new issue closes on 30th September

Tata Mutual Fund has launched Tata SIP Fund Series 3, a close-ended balaced scheme.

The investment objective of the scheme is to achieve a long-term growth. The scheme seeks to achieve investment objective by investing systematically in the equity /equity related instruments. The tenure of the scheme is 36 months.

The new issue closes on 30th September. The minimum investment amount is Rs5,000.

The scheme is benchmarked against CRISIL Liquid Fund Index and BSE Sensex. Bhupinder Sethi and Murthy Nagarajan are fund managers.

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ICICI Pru MF floats Regular Gold Savings Fund

ICICI Pru MF new issue closes on 4th October

ICICI Prudential Mutual Fund has launched ICICI Prudential Regular Gold Savings Fund, an open-ended fund of funds-domestic scheme.

The investment objective of the scheme is to generate returns by investing in units of ICICI Prudential Gold Exchange Traded Fund.

The new issue closes on 4th October. The minimum investment amount is Rs5,000.

The scheme' performance will be benchmarked against the domestic price of gold. Chaitanya Pande is the fund manager.

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Credit offtake up 20.5% during 12 months to 9th September

In its first quarterly monetary review in July, the RBI had said that credit growth would be around 17%-18% this fiscal, as against the earlier projection of 19%, while deposit growth has been pegged at 17%

Mumbai: Despite the high interest rate regime, credit offtake from banks grew 20.5% to over Rs42 lakh crore during 12 months to 9th September, indicating strong momentum in the country's economic activity reports PTI.

According to the latest Reserve Bank of India (RBI) data, credit offtake during the period was Rs42.01 lakh crore, as against Rs34.85 lakh crore during 12 months to 10 September 2010.

The year-on-year credit growth had fallen below 19% in mid-July, but has picked up again since August on renewed borrowing.

Meanwhile, deposits went up to over Rs56.76 lakh crore till 9th September this year, as against Rs48.42 lakh crore as on 10 September 2010-clocking a rise of 17.2%.

In its first quarterly monetary review in July, the RBI had said that credit growth is likely to slow down as a result of the recent rate hikes.

The RBI said credit growth would be around 17%-18% this fiscal, as against the earlier projection of 19%, while deposit growth has been pegged at 17%.

During 2010-11, bank credit had increased 21.5%, while deposits grew by only 15.5%.

India Inc has complained that frequent rate hikes have resulted in slowing down investments and industrial growth.

In fact, industrial growth plunged to a 21-month low of 3.3% in July. The country's economic growth was also down 7.7% in the April-June period, the slowest in six quarters.

The RBI has hiked its key rates 12 times since March 2010, to curb inflation which has been above the 9% mark since December last year. It was at 9.78% in August, highest in 13 months.

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