Aug 12 2017, 4:04 PMAug 12 2017, 4:17 PMAugust 12 2017, 4:04 PMAugust 12 2017, 4:17 PM
Mutual funds and life insurance policies have been the unexpected beneficiaries of India's crackdown on cash transactions last year, the nation's central bank has said. Following a study after demonetisation in November, the Reserve Bank of India said there has been a "distinct increase" in funds flowing into investment vehicles. The RBI report also noted that while deposits are down by Rs 1.07 lakh crore from November to December 2016, they rose by Rs 2.06 lakh crore, or 8.4%, during January-March 2017. Premiums paid to life insurers increased by 46% in the period November to June 2017 over the same period 12 months before.