Small Business

CP-CD: issues fall as MFs stay away

Issuances of short-term money market instruments fell today because mutual funds — the major investors for such papers —were not keen on investing due to low rates, dealers said. - Sebi mulling action on MFs for compliance on NOC withdrawal - Mutual fund transactions just a click away - MF minnows outpace bigger players with robust growth in assets - Tech rescues advisers after entry load ban - Start young, start well - MF industry assets hit record high of Rs 7.62 lakh cr “The rates have fallen significantly and so there is not much incentive for us to invest at such rates,” said a fund manager at a mutual fund. Banks too are not keen on issuing CDs as the liquidity in the banking system is still abundant. Banks have been placing over Rs 1 lakh crore in Reserve Bank of India’s daily reverse repo window since April. The three-month certificates of deposit were today quoted at 3.15-3.45 per cent today, unchanged from Wednesday. Three-month commercial papers were quoted at 3.50-3.70 per cent today, unchanged from Wednesday. Today, UCO Bank placed Rs 400 crore of one-year CDs at 5.50 per cent.


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