The assets under management (AUM) of the Indian mutual industry are expected to touch Rs 20 lakh crore soon, said a top official of Reliance Nippon Life Asset Management Ltd. (Reliance Mutual Fund).

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The AUM of the mutual fund industry touched Rs 16.93 lakh crore at the end of quarter October-December 2016, up from Rs 16.10 lakh crore at the end of the previous quarter July-September 2016.

"As more and more money enters the banking system, we see a clear surge in investments within capital markets, especially MF (mutual funds) and debt instruments. We are quite confident of the MF industry touching Rs 20 lakh crore sooner than expected," said Sundeep Sikka, Executive Director and Chief Executive Officer, Reliance Mutual Fund.

According to him, Reliance Mutual Fund outperformed the industry, adding Rs 12,717 crore to its AUM during October-December 2016 and narrowing the gap between itself and the two other top players-ICICI Prudential Mutual Fund and HDFC Mutual Fund.