Franklin Templeton launches financial literacy programme in UP

Franklin Templeton Investments (India) today launched its financial literacy programme in Uttar Pradesh.

Titled 'Shubh Laabh', the initiative is aimed at educating people about investing in mutual funds as an alternative and lucrative investment option.

The company would coordinate various educational activities like investor camps and contact programmes in Sitapur district, company's business development and new initiatives director Gaurab Parija said here.

He said the penetration of mutual funds was still quite lower in India and people were hooked on to traditional avenues of investment, such as bank deposits, gold and real estate.

Further, he lamented that while people were still apprehensive of investing in mutual funds, top companies and banks regularly invested huge sums in mutual funds schemes for higher returns.

The consolidated asset under management (AUM) of Indian mutual fund industry is estimated at Rs 10 lakh crore, of which 90 percent comes from the top 15 cities alone.