UTI MF's Micro-Pension Scheme For Rural Women

Pune: UTI Mutual Fund has forayed into an arrangement with Mann Deshi Mahila Sahakari Bank Ltd (Mann Deshi) for giving its members an investment opportunity via a micro-pension initiative under its Retirement Benefit Pension Fund. This will enable rural women with meagre income in Western Maharashtra to attain 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. Empowering women to attain financial independence is the prime objective of Mann Deshi Bank and UTI Mutual Fund will help them achieve this objective. 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.