Date:27/03/2007 URL: http://www.thehindubusinessline.com/2007/03/27/stories/2007032703441500.htm

Back UTI Mutual's micro-pension scheme for rural women

Our Bureau

Pune March 26 UTI Mutual Fund has entered into an arrangement with Mann Deshi Mahila Sahakari Bank Ltd (Mann Deshi) for providing its members an investment opportunity through a micro-pension initiative under its Retirement Benefit Pension Fund. This will enable rural women with meagre income in Western Maharashtra to achieve financial independence and become self sufficient in their old age.

Mann Deshi, a regulated cooperative bank run by and for women, has over 40,000 members, of which 2,000 will be joining the scheme initially. Under this arrangement, those between 18 and 55 years will contribute a minimum of Rs 200 per month towards UTI-Retirement Benefit Pension Fund till they are 58. They will receive pension in the form of periodical income after that age.

Mr U.K. Sinha, Chairman and Managing Director, UTI AMC, said, "Empowering women to achieve financial independence is the prime objective of Mann Deshi Bank and UTI Mutual Fund will help them achieve this objective."

Speaking on this occasion Ms Usha Thorat, Deputy Governor of Reserve Bank of India, said, "Financial inclusion is the provision of financial services at an affordable cost to the `excluded'. These services include savings, credit, remittances, insurance and pension services.