Mumbai, Oct 8 (IANS): Hopes of an impending economic revival has narrowed the rate of net outflows from equity mutual fund schemes in September.

The data from the Association of Mutual Funds in India (AMFI) showed that net outflow stood at Rs 734.40 crore in September compared with an outflow of Rs 4,000 crore in August.

In July, the net outflows stood at Rs 2,480.35 crore. Contributions through systematic investment remained flat at Rs 7,788 crore over the previous month in September.

According to N.S. Venkatesh, Chief Executive, AMFI: "Steady Y-o-Y as also Q-o-Q rise in average AUMs for the MF industry during the July to Sep tember 2020 quarter at Rs 27.74 lakh crore is reflective of continued confidence of growing number of investors in Mutual Fund as an asset class for fulfilling long term wealth creation objective."

"Preference to Large and Mid-Cap funds, Focused funds category, as also continued strong emergence of ETFs as the low-cost mutual fund investment avenue, have been the high points during September 2020. On the Debt side, investors have preferred to continue with their investment in Banking and PSU Fund, Short Duration Funds as also overnight funds."