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The mutual fund industry in India originally began in 1963 with the Unit Trust of India (UTI) as a Government of India and the Reserve Bank of India initiative. Launched in 1987, SBI Mutual Fund became the first non-UTI mutual fund in India. [4] In July 2004, State Bank of India decided to divest 37 per cent of its holding in its mutual fund arm, SBI Funds Management Pvt Ltd, to Societe Generale Asset Management, for an amount in excess of $35 million. Post-divestment, State Bank of India's stake in the mutual fund arm came down to 67%. [5] In May 2011, Amundi picked up 37% stake in SBI Funds Management, that was held by Societe Generale Asset Management, as part of a global move to merge its asset management business with Crédit Agricole. [6]

As of Sept 2015, the fund house claims to serve around 5.8 million investors through 130 points of acceptance, 29 investor service centers, 59 investor service desks and 6 Investor Service Points.[7] As of August 2018, assets under management of SBI Mutual Fund are valued at Rs. 2,33,114 crore ($32.1 billion). 

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