UTI Mutual Fund (UTI MF) launches the largest Investor Education Initiative called “Swatantra” for creating awareness about the concepts of financial planning and benefits of investing in mutual funds. As a part of this initiative three UTI Knowledge Caravans will travel through the length and breadth of the country for spreading financial literacy.
UIT MF’s Investor Education Initiative called “Swatantra” was dedicated to the nation today in Mumbai by Shri Pranab Mukherjee, Hon’ble Finance Minister.
UTI Knowledge Caravans will travel from Porbandar, Jammu and Guwahati covering all the major towns and cities in India and will complete their journey at Kanyakumari. During the journey Investors Meets will be held in various centres for spreading financial awareness.
The Investor Education Initiative is in Partnership with Ministry of Corporate Affairs, Government of India.
Shri U K Sinha, Chairman and Managing Director, UTI Asset Management Company Ltd. said, “ ‘Swatantra’ is India’s Journey to financial freedom and is the largest investor campaign in the country which will cover over 300 cities in 100 days through 100 investor meets. Financial Education is very crucial for the growth of India’s capital market and India will progress at a faster pace if there is higher retail participation in the capital markets. This Campaign will target inculcating financial literacy to potential investors which will help them to take informed decisions.”
Shri Jaideep Bhattacharya, Chief Marketing Officer, UTI AMC said,” UTI Knowledge Caravans will travel throughout the country and will cover a total distance of over 9500 kms. The Investor Education Initiative will be conducted in 10 languages. Penetration of Mutual Funds in India is still very low. This Initiative will help in increasing investor awareness, wealth creation and will also help in creating Financial Advisors across the country.”
On the occasion, UTI Mutual Fund also entered into a tripartite agreement with Bharat Petroleum Corporation Ltd (BPCL) and Corporation Bank for providing Micro Pension initiative through UTI-Retirement Benefit Pension Fund to the Short Distance Commercial Vehicles (SDCV) Community Members of BPCL Dealers Network. The tripartite agreement was signed by Shri U K Sinha, Chairman and Managing Director, UTI AMC, Shri Ashok Sinha, Chairman and Managing Director, BPCL and Shri J M Garg, Chairman and Managing Director, Corporation Bank in the presence of the Hon’ble Finance Minister.
Members of the SDCV associated with BPCL & Corporation Bank, will contribute an amount as low as Rs.200/- every month towards UTI-Retirement Benefit Pension Fund. This initiative aims to provide the much needed social security cover for the low income group during their old age.
Hon’ble Finance Minister also presented mementos to organizations like SEWA (Ahmedabad), COMFED (Patna) and Mann Desi (Satara, Maharashtra) where the Micro Pension concept has been successfully implemented.
About UTI Mutual Fund
UTI Mutual Fund is a SEBI registered mutual fund whose Sponsors are State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.
UTI Mutual Fund has assets under management (average) of Rs. 64445.65 crore and investor accounts of 1 crore under its 76 domestic schemes (as of June 30, 2010).