Friday, May 25, 2012

UTI Mutual Fund and Srei Sahaj e-Village join hands for a“micro-pension initiative

UTI Mutual Fund (UTI MF) entered into an arrangement with Srei Sahaj e-Village to provide village level entrepreneurs as well as other similar category of eligible investors associated with the latter an investment opportunity through a micro-pension initiative under UTI-Retirement Benefit Pension Fund.

The micro-pension initiative facilitated by UTI MF and Srei Sahaj aims to provide social security cover to the investors associated with Srei Sahaj during their old age. Under the initiative, the investors will contribute a minimum amount of Rs 200 every month towards UTI-Retirement Benefit Pension Fund which will enable them to receive pension in the form of periodical income when they become 58 years old. As of now, Srei Sahaj is spread across six states viz. Assam, Bihar, Orissa, Tamil Nadu, Uttar Pradesh and West Bengal.

Disclosing this to mediapersons at a meeting held in Kolkata, UTI Asset Management Co. group president and chief marketing officer Jaideep Bhattacharya said: "The micro-pension initiative will help inculcate the habit of regular savings among members, which will help them in planning for their future and will also enable them to share the benefits of growth of the Indian economy."

"This initiative aims to provide a periodical stream of income generated out of small savings invested by creating group saving synergies and by bringing in benefits of investments in capital markets with the help of seasoned fund managers of UTI MF," added Srei Sahaj chief executive officer, public services and e-learning Meena Chaturvedi.

Incidentally, UTI MF launched first such micro pension initiative in April 2006 at Ahmedabad for self employed women of Shri Mahila Sewa Sahakari Bank. Thereafter, it entered into customised arrangement with a number of organisations including the likes of Paradeep Port and Dock Labour Union, Bank of India, Bihar State Co-operative Milk Producers Federation and Union Bank of India among others to provide its members an investment opportunity through this initiative. Presently, more than 1.75 lakh members are covered under this initiative.

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