ICICI Prudential Mutual Fund has announced the launch of ICICI Prudential Nifty Bank Index Fund, an open-ended index fund replicating the Nifty Bank Index. The scheme provides exposure to 12 most liquid and well-capitalised stocks from the banking sector. Speaking on the launch of the product, Mr. Chintan Haria, Head- Product Development & Strategy, ICICI Prudential AMC said, “The Indian banking sector holds tremendous growth potential given the robust demand in their services, constant innovation in terms of improving operational efficiency along with improving business fundamentals owing to various reforms in this space. Also, banks and financial services form the highest weightage in broader market indices (Nifty 500 and Nifty 50) which emphasizes its importance in contributing to broader market trends.”