Investing Bank of India BOI Mutual Fund AMC India

Bank of India Mutual Fund

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Bank of India Mutual Fund is an Indian asset management company wholly owned by Bank of India, the public sector bank. The AMC operates under SEBI registration and the SEBI (Mutual Funds) Regulations 1996 framework. The current wholly-owned structure dates from 2022 when AXA Investment Managers exited the previous joint venture (Bank of India AXA Mutual Fund, 2008-2022), with Bank of India repurchasing AXA’s 49 per cent stake.

The AMC has had two distinct phases: the joint venture era under the Bank of India AXA brand from 2008 through 2022, and the post-AXA wholly-owned era from 2022 onward under the Bank of India Mutual Fund brand. AUM through both phases has remained in the mid-to-small tier of the Indian mutual fund industry, with the AMC operating as one of several public-sector-bank-sponsored mutual fund houses alongside SBI Mutual Fund , Canara Robeco Mutual Fund , Union Mutual Fund , and Baroda BNP Paribas Mutual Fund .

History

Pre-2008 origins

Bank of India established its mutual fund subsidiary in 2007 as part of a broader public-sector bank entry into asset management. The early operation was small and built out over the next year before the 2008 AXA joint venture was finalised.

2008 AXA joint venture

In 2008, AXA Investment Managers took a 49 per cent equity stake in the Bank of India AMC, with the AMC rebranded as Bank of India AXA Mutual Fund. The joint venture brought:

  • AXA side: global asset management expertise, particularly in fixed income and structured products, with a strong European institutional pedigree.
  • Bank of India side: branch distribution across India’s public-sector banking footprint, particularly strong in eastern and central India.

The Bank of India AXA brand operated from 2008 through 2022.

2022 AXA exit

In 2022, AXA Investment Managers exited the Indian joint venture as part of a broader strategic review. Bank of India repurchased AXA’s 49 per cent stake, restoring full ownership of the AMC and renaming it Bank of India Mutual Fund. The transaction was approved by SEBI under the standard procedures for AMC ownership changes.

The 2022 exit followed similar foreign-partner exits from Indian mutual fund joint ventures, including the earlier IDFC-Old Mutual exit, the BNP Paribas merger with Baroda Mutual Fund, and the broader pattern of foreign asset managers consolidating their global footprint.

Post-2022 era

Since 2022, Bank of India Mutual Fund has operated as a wholly Bank of India-owned AMC. The post-AXA era has been characterised by:

  • Continued use of the existing scheme line-up.
  • Distribution through the Bank of India branch network as the primary captive channel.
  • AUM in the Rs 7,000-10,000 crore range.

Current position

AUM and scale

Bank of India Mutual Fund’s AUM is approximately Rs 7,000-10,000 crore as of 2025, placing it in the small-to-mid tier of Indian AMCs.

Product range

The AMC operates across the standard SEBI October 2017 categorisation framework:

Equity-oriented schemes:

  • Bank of India Large and Mid Cap Equity Fund.
  • Bank of India Small Cap Fund.
  • Bank of India Mid and Small Cap Equity and Debt Fund.
  • Bank of India Tax Advantage Fund (ELSS ).
  • Bank of India Manufacturing and Infrastructure Fund (sectoral).
  • Bank of India Flexi Cap Fund .
  • Bank of India Focused Equity Fund.

Debt-oriented schemes:

  • Bank of India Liquid Fund.
  • Bank of India Ultra Short Duration Fund.
  • Bank of India Short Term Income Fund.
  • Bank of India Credit Risk Fund.

Hybrid schemes:

  • Bank of India Conservative Hybrid Fund.
  • Bank of India Balanced Advantage Fund.

Distribution

Bank of India Mutual Fund is served by KFin Technologies as RTA. Distribution channels:

Place in the Indian mutual fund industry

Bank of India Mutual Fund operates in the public-sector-bank-sponsored AMC tier of the Indian mutual fund industry. The PSB-sponsored AMC cohort includes:

The competitive dynamics in the PSB-sponsored tier:

  • Captive distribution: each PSB sponsor provides a captive branch network channel.
  • Scale dispersion: SBI MF has used its parent bank’s scale to grow into the top tier, while smaller PSB MFs remain in the small-to-mid tier.
  • Foreign partner relationships: some PSB MFs have foreign joint ventures (Canara Robeco, Baroda BNP Paribas) while others operate independently.

Bank of India Mutual Fund’s post-2022 trajectory depends on the bank’s continuing strategic commitment to the AMC and the scheme line-up’s competitive performance in the broader Indian mutual fund industry.

See also

External references

References

  1. Bank of India Mutual Fund offer documents, accessed May 2026.
  2. SEBI Master Circular on Mutual Funds, sebi.gov.in.
  3. AMFI monthly AUM data, amfiindia.com.
  4. Bank of India Annual Report disclosures on the AMC subsidiary.
  5. Historical coverage of the Bank of India AXA joint venture (2008-2022).

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