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Tata Mutual Fund has launched Tata Banking and PSU Debt fund — an open-ended debt scheme which will predominantly invest in debt instruments of banks, public sector undertakings, public financial institutions and municipal bonds.
The fund aims to minimise credit risk while generating return through a blend of accruals and rate movements, the fund house said in a release. There is no entry and exit load.
The fund will be managed by Amit Somani, Senior Fund Manager — Fixed Income at Tata Mutual Fund.
The NFO is open for subscription from Thursday to October 3.
The benchmark index is CRISIL Banking and PSU Debt Index. According to AMFI, the assets under management of Tata MF stood at ₹53,640.69 crore during April-June 2019.
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