SBI Mutual Fund today opened 51 branches at one go in non-metro and smaller centres spread across 23 states and one Union Territory to garner investible surplus available in such areas.
These branches are opened in 'beyond top 15' (B15) cities.
On the launch of these branches, SBI chairperson, Arundhati Bhattacharya said, "There cannot be a more opportune time to make yet another attempt in reaching out to savers in Beyond Top 15 cities, as Indians, who are under-invested in equity asset, would be immensely benefited by the growth of the Indian economy".
She said retail participation in equity market was very low and there is the need to encourage more retail investors to come in the capital market.
"Historically, mutual funds as a financial asset class has proved to be a gainful wealth creation avenue for retail investors. I am sure the new investors, especially the youth, in B15 cities would opt to invest in equity and debt market through mutual funds," Bhattacharya added.
With the opening of 51 branches, SBI Mutual Fund would have presence in 161 cities.
