According to media reports, the latest data from the Association of Mutual Funds in India showed that less than 1.5% of the total Indian population invest in mutual funds. Of the total 134 crore people in the country, the mutual fund industry has two crore unique PAN indicating that the industry has 2 crore investors. Currently, there are 29 crore PAN card holders in India. The penetration of the mutual fund industry in India is close to 7% (based on the number of PAN card holders, which is mandatory to invest in mutual funds). These two crore investors have 6.60 crore folios. However, the number of mutual fund investors is much lower than number of investors in banks and insurance. While 75 crore Indians have bank accounts, 35 crore people have insurance policies.