Discussion
The UTI was established in
Answer: B
Correct answer: 1963
The Unit Trust of India was established in 1963 under the Unit Trust of India Act 1963, and began operations with the Unit Scheme 1964.
It was India's first mutual fund, created to give the small saver access to a diversified portfolio and professional management, and for nearly three decades it held a statutory monopoly - the mutual fund industry opened to public-sector banks only in 1987 and to private sponsors in 1993. Placing it in sequence: IFCI 1948, ICICI 1955, UTI 1963, IDBI 1964.
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