ICICI Prudential Launches SIP @ Rs 50 a Month For Rural Masses

MUMBAI: Aimed at giving access to formal finance to over 600 million rural poor, ICICI Prudential on April 25, unveiled Micro Systematic Investment Plan (MSIP). The scheme will give an opportunity for the rural poor to infuse periodically in small amounts, as low as Rs 50 and its multiples. The ICICI Prudential has over 200 tie-ups with micro finance institutions (MFIs) and NGOs across the country, which will act as aggregators and subsequently, deposit the consolidated amount to the fund house. ICICI Bank has 3.2 million customers in rural areas. ICICI Prudential is one of the largest players in the domestic mutual fund industry.