Mumbai

Equitymutual fund inflows declined nearly 14 per cent to Rs 32,994 crore in October from Rs 38,306 crore in September, reflecting the impact of market volatility and correction, according to data released by the Association of Mutual Funds in India (Amfi) on Wednesday.

Despite the decline, October marked the 60th consecutive month of net inflows into equity mutual fund schemes. Their total assets under management stood at Rs 37.14 lakh crore as on October 31. Systematic Investment Plan (SIP) contributions also eased marginally to Rs 32,160 crore from Rs 32,490 crore in September. The number of contributing SIP accounts declined to 10 crore from 10.06 crore.

He also pointed to strong bank credit growth as an indication of underlying economic strength.