Bank of India back in mutual fund business

Bank of India hopes to start its asset management business next fiscal and is currently waiting for regulatory approvals.

The bank recently bought 51% stake in the mutual fund business of Bharti Axa Mutual Fund.

“At present, we are waiting for necessary approvals from the regulator. We can’t give any timeframe but are hopeful of starting our operation in the next fiscal,” BoI chairman and managing director Alok Misra said.

BoI had started its mutual fund business in 1990. Of the six schemes launched by the BoI Mutual Fund, four had been redeemed and two schemes transferred to Taurus Mutual Fund after giving exit option to investors in 2004.

With the likely approval from the regulator, the Bank will re-enter this space and join 41 other players in the domestic market.