Flows into India’s Debt Funds More Than Double in May: AMFI
(Bloomberg) -- Inflows into Indian bond mutual funds more than doubled last month from April after regulators took steps to restore sentiment soured by Franklin Templeton's shock decision to wind up $4.1 billion of its local credit funds.
Fixed-income funds took in a net 942.2 billion rupees ($12.5 billion) in May, compared with 434.3 billion rupees in April, the Association of Mutual Funds in India said in a tweet. Credit risk funds, a category of debt product, suffered net outflows of 192 billion rupees in April.
READ: Franklin Seeks Investor Nod from June 9 to Liquidate India Funds
The Reserve Bank of India on April 27 offered as much as 500 billion rupees to banks for lending to mutual funds to contain the fallout from the Franklin's freeze. The event was the biggest-ever forced closure of funds in India and triggered redemptions at other fund houses managing similar plans.
©2020 Bloomberg L.P.
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