Fund Name
Ratings
Ratings in Descending
Rating in Ascending
Risk
Risk in Descending
Risk in Ascending
3Y Returns
Three Years Returns in Descending
Three Years Returns in Ascending
AUM
Asset Under Management in Descending
Asset Under Management in Ascending

JM Flexicap Fund Direct IDCW Payout

Equity Flexi Cap Fund

2.5

Very High

30.78%

₹2,107.42 cr.

JM Flexicap Fund Direct IDCW Reinvestment

Equity Flexi Cap Fund

2.5

Very High

30.78%

₹2,107.42 cr.

JM Flexicap Fund Direct Growth

Equity Flexi Cap Fund

2.5

Very High

30.78%

₹2,107.42 cr.

JM Value Fund Direct IDCW Payout

Equity Value Fund

0

Very High

30.03%

₹665.51 cr.

JM Value Fund Direct IDCW Reinvestment

Equity Value Fund

0

Very High

30.03%

₹665.51 cr.

JM Value Fund Direct Growth

Equity Value Fund

0

Very High

30.03%

₹665.51 cr.

JM Aggressive Hybrid Fund Direct Half Yearly IDCW Payout

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct Half Yearly IDCW Reinvestment

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct Half Yearly Bonus Principal Units

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct Quarterly Bonus Principal Units

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct IDCW Payout

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct IDCW Reinvestment

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct Bonus Principal Units Reinvestment

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct Monthly IDCW Payout

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct Monthly IDCW Reinvestment

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct Growth

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct Annual Bonus

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct Annual IDCW Payout

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct Annual IDCW Reinvestment

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct Quarterly IDCW Payout

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Aggressive Hybrid Fund Direct Quarterly IDCW Reinvestment

Hybrid Aggressive Hybrid Fund

3.5

Very High

24.89%

₹262.45 cr.

JM Focused Fund Direct Growth

Equity Focused Fund

0.5

Very High

24.21%

₹97.82 cr.

JM Focused Fund Direct IDCW Payout

Equity Focused Fund

0.5

Very High

24.21%

₹97.82 cr.

JM Focused Fund Direct IDCW Reinvestment

Equity Focused Fund

0.5

Very High

24.21%

₹97.82 cr.

JM ELSS Tax Saver Fund Direct Growth

Equity ELSS

1.5

Very High

23.39%

₹141.14 cr.

JM ELSS Tax Saver Fund Direct IDCW Payout

Equity ELSS

1.5

Very High

23.39%

₹141.14 cr.

JM Large Cap Fund Direct Quarterly IDCW Payout

Equity Large Cap Fund

1.5

Very High

22.15%

₹144.17 cr.

JM Large Cap Fund Direct Quarterly IDCW Reinvestment

Equity Large Cap Fund

1.5

Very High

22.15%

₹144.17 cr.

JM Large Cap Fund Direct IDCW Payout

Equity Large Cap Fund

1.5

Very High

22.15%

₹144.17 cr.

JM Large Cap Fund Direct IDCW Reinvestment

Equity Large Cap Fund

1.5

Very High

22.15%

₹144.17 cr.

JM Large Cap Fund Direct Growth

Equity Large Cap Fund

1.5

Very High

22.15%

₹144.17 cr.

JM Large Cap Fund Direct Monthly IDCW Payout

Equity Large Cap Fund

1.5

Very High

22.15%

₹144.17 cr.

JM Large Cap Fund Direct Monthly IDCW Reinvestment

Equity Large Cap Fund

1.5

Very High

22.15%

₹144.17 cr.

JM Large Cap Fund Direct Half Yearly IDCW Payout

Equity Large Cap Fund

1.5

Very High

22.15%

₹144.17 cr.

JM Large Cap Fund Direct Half Yearly IDCW Reinvestment

Equity Large Cap Fund

1.5

Very High

22.15%

₹144.17 cr.

JM Large Cap Fund Direct Annual IDCW Payout

Equity Large Cap Fund

1.5

Very High

22.15%

₹144.17 cr.

JM Large Cap Fund Direct Annual IDCW Reinvestment

Equity Large Cap Fund

1.5

Very High

22.15%

₹144.17 cr.

JM Liquid Fund Direct Daily IDCW Reinvestment

Debt Liquid Fund

3

Moderately Low

6.31%

₹2,107.06 cr.

JM Arbitrage Fund Direct Quarterly IDCW Payout

Hybrid Arbitrage Fund

2

Low

5.83%

₹139.73 cr.

JM Arbitrage Fund Direct Quarterly IDCW Reinvestment

Hybrid Arbitrage Fund

2

Low

5.83%

₹139.73 cr.

JM Arbitrage Fund Direct Bonus Principal Units

Hybrid Arbitrage Fund

0

Low

5.83%

₹139.73 cr.

JM Arbitrage Fund Direct Bonus Principal Units

Hybrid Arbitrage Fund

2

Low

5.83%

₹139.73 cr.

JM Arbitrage Fund Direct Quarterly Bonus Principal Units

Hybrid Arbitrage Fund

2

Low

5.82%

₹139.73 cr.

JM Arbitrage Fund Direct Annual Bonus Principal Units

Hybrid Arbitrage Fund

2

Low

5.82%

₹139.73 cr.

JM Arbitrage Fund Direct Annual IDCW Payout

Hybrid Arbitrage Fund

2

Low

5.82%

₹139.73 cr.

JM Arbitrage Fund Direct Annual IDCW Reinvestment

Hybrid Arbitrage Fund

2

Low

5.82%

₹139.73 cr.

JM Arbitrage Fund Direct Annual Bonus Principal Units

Hybrid Arbitrage Fund

0

Low

5.82%

₹139.73 cr.

JM Arbitrage Fund Direct Growth

Hybrid Arbitrage Fund

2

Low

5.82%

₹139.73 cr.

JM Arbitrage Fund Direct IDCW Payout

Hybrid Arbitrage Fund

2

Low

5.82%

₹139.73 cr.

JM Arbitrage Fund Direct IDCW Reinvestment

Hybrid Arbitrage Fund

2

Low

5.82%

₹139.73 cr.

JM Arbitrage Fund Direct Half Yearly Bonus Principal Units

Hybrid Arbitrage Fund

2

Low

5.82%

₹139.73 cr.

JM Arbitrage Fund Direct Monthly IDCW Payout

Hybrid Arbitrage Fund

2

Low

5.82%

₹139.73 cr.

JM Arbitrage Fund Direct Monthly IDCW Reinvestment

Hybrid Arbitrage Fund

2

Low

5.82%

₹139.73 cr.

JM Arbitrage Fund Direct Half Yearly IDCW Payout

Hybrid Arbitrage Fund

2

Low

5.8%

₹139.73 cr.

JM Arbitrage Fund Direct Half Yearly IDCW Reinvestment

Hybrid Arbitrage Fund

2

Low

5.8%

₹139.73 cr.

JM Liquid Fund Direct Quarterly IDCW Payout

Debt Liquid Fund

3

Moderately Low

5.7%

₹2,107.06 cr.

JM Liquid Fund Direct Quarterly IDCW Reinvestment

Debt Liquid Fund

3

Moderately Low

5.7%

₹2,107.06 cr.

JM Liquid Fund Direct Growth

Debt Liquid Fund

3

Moderately Low

5.7%

₹2,107.06 cr.

JM Liquid Fund Direct Bonus Principal Units Reinvestment

Debt Liquid Fund

3

Moderately Low

5.69%

₹2,107.06 cr.

JM Low Duration Fund Direct Bonus Principal Units Reinvestment

Debt Low Duration Fund

0

Moderately Low

5.64%

₹250.82 cr.

JM Low Duration Fund Direct Growth

Debt Low Duration Fund

3.5

Moderately Low

5.64%

₹250.82 cr.

JM Low Duration Fund Direct Bonus Principal Units Reinvestment

Debt Low Duration Fund

3.5

Moderately Low

5.64%

₹250.82 cr.

JM Low Duration Fund Direct Daily IDCW Reinvestment

Debt Low Duration Fund

3.5

Moderately Low

5.56%

₹250.82 cr.

JM Low Duration Fund Direct Weekly IDCW Reinvestment

Debt Low Duration Fund

3.5

Moderately Low

5.55%

₹250.82 cr.

JM Liquid Fund Direct Weekly IDCW Payout

Debt Liquid Fund

3

Moderately Low

5.54%

₹2,107.06 cr.

JM Liquid Fund Direct Weekly IDCW Reinvestment

Debt Liquid Fund

3

Moderately Low

5.54%

₹2,107.06 cr.

JM Dynamic Bond Fund Direct Bonus Principal Units Reinvestment

Debt Dynamic Bond

3

Moderate

5.54%

₹40.39 cr.

JM Dynamic Bond Fund Direct Half Yearly Bonus Principal Units

Debt Dynamic Bond

3

Moderate

5.54%

₹40.39 cr.

JM Dynamic Bond Fund Direct Growth

Debt Dynamic Bond

3

Moderate

5.53%

₹40.39 cr.

JM Dynamic Bond Fund Direct IDCW Payout

Debt Dynamic Bond

3

Moderate

5.53%

₹40.39 cr.

JM Dynamic Bond Fund Direct IDCW Reinvestment

Debt Dynamic Bond

3

Moderate

5.53%

₹40.39 cr.

JM Dynamic Bond Fund Direct Monthly IDCW Payout

Debt Dynamic Bond

3

Moderate

5.52%

₹40.39 cr.

JM Dynamic Bond Fund Direct Monthly IDCW Reinvestment

Debt Dynamic Bond

3

Moderate

5.52%

₹40.39 cr.

JM Dynamic Bond Fund Direct Daily IDCW Reinvestment

Debt Dynamic Bond

3

Moderate

5.43%

₹40.39 cr.

JM Dynamic Bond Fund Direct Weekly IDCW Reinvestment

Debt Dynamic Bond

3

Moderately High

5.4%

₹40.39 cr.

JM Low Duration Fund Direct Fortnightly IDCW Reinvestment

Debt Low Duration Fund

3.5

Moderately Low

5.38%

₹250.82 cr.

JM Overnight Fund Direct Growth

Debt Overnight Fund

0

Low

5.34%

₹286.13 cr.

JM Overnight Fund Direct Daily IDCW Reinvestment

Debt Overnight Fund

0

Low

5.27%

₹286.13 cr.

JM Overnight Fund Direct Weekly IDCW Payout

Debt Overnight Fund

0

Low

5.24%

₹286.13 cr.

JM Overnight Fund Direct Weekly IDCW Reinvestment

Debt Overnight Fund

0

Low

5.24%

₹286.13 cr.

JM Medium To Long Duration Fund Direct Bonus Principal Units Reinvestment

Debt Medium to Long Duration Fund

1

Moderate

4.91%

₹22.87 cr.

JM Medium To Long Duration Fund Direct Growth

Debt Medium to Long Duration Fund

1

Moderate

4.87%

₹22.87 cr.

JM Medium To Long Duration Fund Direct Quarterly IDCW Payout

Debt Medium to Long Duration Fund

1

Moderate

4.87%

₹22.87 cr.

JM Medium To Long Duration Fund Direct Quarterly IDCW Reinvestment

Debt Medium to Long Duration Fund

1

Moderate

4.87%

₹22.87 cr.

JM Short Duration Fund Direct Growth

Debt Short Duration Fund

0

Moderate

0%

₹129.56 cr.

JM Short Duration Fund Direct IDCW Payout

Debt Short Duration Fund

0

Moderate

0%

₹129.56 cr.

JM Short Duration Fund Direct IDCW Reinvestment

Debt Short Duration Fund

0

Moderate

0%

₹129.56 cr.

JM Midcap Fund Direct Growth

Equity Mid Cap Fund

0

Very High

0%

₹955.02 cr.

JM Midcap Fund Direct IDCW Payout

Equity Mid Cap Fund

0

Very High

0%

₹955.02 cr.

JM Midcap Fund Direct IDCW Reinvestment

Equity Mid Cap Fund

0

Very High

0%

₹955.02 cr.

JM Financial Mutual Fund

JM Financial Mutual Fund started in the year 1994 with the backing of its sole sponsor, JM Financial Ltd. It was incorporated with a vision of being the most trusted partner for every stakeholder. JM Financial Asset Management Ltd came into existence under the Companies Act of 1956 on June 9, 1994.

JM Financial Ltd began its journey in the world of capital markets with the launch of three funds: JM Equity Fund, JM Liquid Fund (later called JM Income Fund), and JM Balanced Fund. Slowly and swiftly, JM Financial built a diverse portfolio of schemes to meet its customer needs. As of 28th Feb 2023, JM Financial Asset Management Ltd. had ₹3,103 crore assets under management (AUM)

JM Financial Mutual Fund Key Information

Founding date 01 September 1994
AMC Incorporation date 09 June 1994
Headquarters in Mumbai
Name of the sponsors JM Financial Ltd
Trustee organisation JM Financial Asset Management Ltd
MD and CEO Mr Amitabh Mohanty
Chief Investment Officer Mr Satish Ramanathan
Compliance Officer Ms Diana D’sa

JM Financial Mutual Fund Managers

CC

Chaitanya Choksi

Fund Manager since Aug 2014 (10 years)

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Mr. Choksi has degrees in MMS (Finance) and CFA. Prior to joining JM Financials he worked as an equity research analyst with Lotus AMC, Chanrai Finance Pvt. Ltd, IL&FS Investmart and UTI Investment Advisory Services Ltd.

SC

Sanjay Chhabaria

Fund Manager since Nov 2014 (10 years)

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He holds both a PGDBA and a CFA certificate. Prior to joining JM Financials he had worked with Lotus India AMC, SBI Funds Management, Religare Invesco AMC, SMIFS Securities and IDBI Capital Markets.

AB

Asit Bhandarkar

Fund Manager since Oct 2017 (7 years)

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Mr. Bhandarkar has a B.Com (H) and an MBA in Finance from the University of Mumbai. He is currently working as a Senior Fund Manager at JM Financial Asset Management Ltd. Prior to joining JM Financial, he worked with Lotus India AMC Pvt. Ltd. and SBI Funds Management Pvt. Ltd.

ST

Shalini Tibrewala

Fund Manager since Dec 2019 (5 years)

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Ms. Tibrewala is a B.Com (H), ACA and CS. She has been associated with JM Financials since 2003. She studied at Acharya N.G.Ranga Agricultural University.

PP

Prashant Pimple

Fund Manager since Nov 2014 (10 years)

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Prashant Pimple did his MBA and MMS from Jamnalal Bajaj Institute of Management Studies (JBIMS). He worked at Bank of Bahrain & Kuwait, ICICI Bank, Reliance Nippon Life Asset Management Company, Fidelity Asset management Co Ltd, Nippon India Mutual Fund and JM Financial Asset Management Pvt Ltd before joining Baroda BNP Paribas Mutual Fund.

GW

Gurvinder Singh Wasan

Fund Manager since Dec 2022 (2 years)

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Mr. Wasan is a Fund Manager at JM Financial Asset Management Ltd. Earlier, he used to work with Principal Mutual Fund, CRISIL Limited and ICICI Bank Limited. Mr. Wasan holds a Masters in Commerce and is also a Chartered Accountant (CA) and a Chartered Financial Analyst as well.

How to Invest in JM Financial Mutual Fund via Angel One?

Investing in the JM Financial MF, or any mutual fund for that matter, is an easy and hassle-free process through your Angel One account. Just take the following steps:

Step 1: Log in to your Angel One account using your mobile number and the OTP received. Then, enter your MPIN. If you don’t have an account, you can open one quickly by submitting the required documents.

Step 2: Determine which mutual fund(s) suit your needs and risk profile. You can research and compare funds on the Angel One app based on factors like past performance, tax implications, investment sectors, risk level, ratings from rating agencies, and expense ratio.

Step 3: Once you’ve chosen the fund(s) you want to invest in, go to the Mutual Funds section in your Angel One account and search for the selected fund(s). Decide whether you want to invest in a lump sum or through a monthly SIP. Enter the amount you wish to invest and choose the payment mode (UPI or net banking). For SIPs, you can set up a mandate for future instalments.

Investing in a mutual fund scheme can be a long-term commitment, so choose your fund(s) carefully and seek expert advice if necessary.

You can learn more about the details of each fund from within the Angel One app itself.

Documents Required To Invest in JM Financial Mutual Fund

Investing in JM Financial Mutual Fund through Angel One is more straightforward than ever, thanks to our fully digital KYC process. To initiate your investment journey, you’ll be asked to provide the following essential documents:

  1. PAN Card Details (Mandatory)
  2. Personal Information (Full Name, Mobile Number, Email Address)
  3. Address Proof – Aadhar Card is the recommended choice, including both sides.
  4. Bank Account Details, along with a cancelled cheque if deemed necessary.
  5. Nominee details and FATCA Declarations

At Angel One, we’ve streamlined the KYC verification process, ensuring swift access to JM Financial Mutual Funds, whether you’re a new or returning investor. Your financial goals are now attainable through our user-friendly platform. Typically, the KYC process takes only 48-72 business hours, enabling you to start your mutual fund journey promptly.

Top 10 JM Financial Mutual Fund to Invest

The following are some of the best ICICI Prudential Mutual Funds in India based on 3-yr CAGR:

Name of the Fund Sub Category AUM (₹in crore) Minimum Investment (₹) CAGR 3Y (%) CAGR 5Y (%)
JM Value Fund Value Fund 223.15 250 33.31 19.73
JM Flexicap Fund Flexi Cap Fund 544.96 250 31.41 19.75
JM Tax Gain Fund Equity Linked Savings Scheme (ELSS) 90.03 500 26.34 18.24
JM Equity Hybrid Fund Aggressive Hybrid Fund 54.84 1000 25.2 15.22
JM Focused Fund Focused Fund 51.83 100 24.65 14.27
JM Large Cap Fund Large Cap Fund 46.61 100 19.3 13.38
JM Dynamic Bond Fund Dynamic Bond Fund 43.24 250 4.89 5.92
JM Low Duration Fund Low Duration Fund 170.44 250 4.84 5.39
JM Liquid Fund Liquid Fund 2005.33 1000 4.78 5.24
JM Arbitrage Fund Arbitrage Fund 119.21 100 4.71 4.69

**All data as of October 4, 2023.

Selection Criteria: The funds chosen have demonstrated the highest Compound Annual Growth Rate (CAGR) over the past 3 years.

JM Value Fund

JM Value Fund is classified as a Value Fund. This fund primarily focuses on investing in undervalued stocks within the market. The assets under management (AUM) for this fund amount to ₹223.15 crore. The expense ratio stands at 1.81%. Over the past 3 years, the fund has shown a compound annual growth rate (CAGR) of 33.31%. The minimum investment required to participate in this fund is ₹250.

JM Flexicap Fund

JM Flexicap Fund falls under the Flexi Cap category. It offers flexibility in choosing investments across different market cap. The fund’s AUM stands at ₹544.96 crore with an expense ratio of 1.33%. Over the last 3 years, it has demonstrated a CAGR of 31.41%. The minimum investment to enter this fund is ₹250.

JM Tax Gain Fund

JM Tax Gain Fund operates as an Equity Linked Savings Scheme (ELSS). This fund offers tax benefits and primarily invests in equity-related instruments. The AUM for this fund is ₹90.03 crore, and the expense ratio is 1.42%. Over a 3-year period, it has provided a CAGR of 26.34%. The minimum investment required for this fund is ₹500.

JM Equity Hybrid Fund

JM Equity Hybrid Fund operates as an Aggressive Hybrid Fund, aiming for a balance between equity and debt investments. The AUM for this fund is ₹54.84 crore, and the expense ratio stands at 1.3%. Over the past 3 years, it has displayed a CAGR of 25.2%. The minimum investment amount for this fund is ₹1000.

JM Focused Fund

JM Focused Fund operates as a Focused Fund, concentrating its investments in a limited number of stocks. The fund’s AUM is ₹51.83 crore, and the expense ratio is 1.59%. Over a 3-year period, it has provided a CAGR of 24.65%. The minimum investment to participate in this fund is ₹100.

JM Large Cap Fund

JM Large Cap Fund is categorised as a Large Cap Fund, primarily investing in well-established and large-cap companies. The fund manages an AUM of ₹46.61 crore with an expense ratio of 1.74%. Over the last 3 years, it has shown a CAGR of 19.3%. The minimum investment required for this fund is ₹100.

JM Dynamic Bond Fund

JM Dynamic Bond Fund functions as a Dynamic Bond Fund, adjusting its portfolio based on changing market conditions. The AUM for this fund is ₹43.24 crore, and the expense ratio is 0.63%. Over a 3-year period, it has provided a CAGR of 4.89%. The minimum investment amount for this fund is ₹250.

JM Low Duration Fund

JM Low Duration Fund falls into the Low Duration Fund category, focusing on short to medium-term debt instruments. The fund’s AUM amounts to ₹170.44 crore with an expense ratio of 0.34%. Over the past 3 years, it has displayed a CAGR of 4.84%. The minimum investment to participate in this fund is ₹250.

JM Liquid Fund

JM Liquid Fund operates as a Liquid Fund, investing in highly liquid, short-term instruments. The fund has an AUM of ₹2005.33 crore with an expense ratio of 0.15%. Over a 3-year period, it has provided a CAGR of 4.78%. The minimum investment required for this fund is ₹1000.

JM Arbitrage Fund

JM Arbitrage Fund operates as an Arbitrage Fund, aiming to capitalise on price differences in different markets or instruments. The fund manages an AUM of ₹119.21 crore, and the expense ratio stands at 0.35%. Over the last 3 years, it has shown a CAGR of 4.71%. The minimum investment to enter this fund is ₹100.

Mutual Funds Calculators

JM Financial Mutual Fund FAQs

How to start JM Financial Mutual Fund SIP online?

You can start investing in JM Financial Trustee Company Pvt. Ltd SIP online in several ways. One of them is through AMC’s official website. But for a seamless experience, you can do it via Angel One.

Which scheme is the best in JM Financial Mutual Fund?

To determine the best in the JM Financial Mutual Fund, conduct thorough research on their various schemes. Consider factors such as the scheme's investment objective, costs, historical performance, and risk level to select the one that aligns with your financial goals, risk tolerance, and horizon.

How to redeem JM Financial Mutual Fund online?

For online investments, you can redeem your units in three ways. First, via Angel One App under the Mutual Funds section. Second, by visiting https://www.angelone.in/mutual-funds. Finally, you can redeem your JM Financial Trustee Company Pvt. Ltd units by visiting AMC's website.

Are JM Financial Mutual Fund schemes tax-free?

Not all schemes are tax-free. As with any other ELSS, the one offered by JM Financial Mutual Fund also comes with tax benefits. By investing in JM Financial Mutual Fund’s ELSS Funds, you can claim a tax deduction of up to ₹1.5 lakh under Section 80C every financial year.

Who owns the JM Financial Mutual Fund?

Nimesh Kampani founded the JM Financial Group. V.P. Shetty is the chairman of JM Financial Asset Management Limited. He has worked for ~39 years in several positions in four nationalised banks and also worked as Chairman and MD in three banks.