Govt May Ask Uti To Foreclose Mips

The finance ministry is likely to ask Unit Trust of India (UTI) to foreclose some of its monthly income plans (MIPs) and other schemes that offer high assured returns in the range of 14-16 per cent a year.

According to finance ministry sources, it does not make sense for UTI or any institution to continue with schemes offering such high returns that are not in sync with market rates.