IDBI Bank had to sell its MF arm after being acquired by state-owned insurance behemoth Life Insurance Corporation since LIC already had an AMC.
The scheme encourages retail investors to participate in capital markets.
Domestic institutional investors (DIIs) may not be net buyers of Indian equities in the near term on lack of inflows and are likely to continue with redemption or sit on sidelines, mutual fund officials said.
Between April 2 and July 8 this fiscal, the rupee has plummeted by 12.81 per cent, and hit all-time low of 61.21 per cent on Monday.
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