SBI Funds To Tie Up With IIMPS To Manage Savings Of Low-Income

New Delhi: SBI Funds Management, an asset management company, mulls to soon alliance with Invest India Micro Pension Services (IIMPS) in managing the savings of the low-income workforce mobilised under the micro pension services offered by the latter. IIMPS, setup in 2006, proposes to reach out to low-income individual workers through dedicated alliances with network of microfinance institutions (MFIs), co-operatives and associations across multiple States. As a substantial percentage of the low-income workers are members of micro-finance institutions, Self Help Groups, co-operatives and workers associations, IIMFS promoter directors feel that such agencies are well placed to collect, pool and transfer modest savings and insurance premiums on behalf of their members to well regulated financial firms. It indicated that the funds garnered from the low-income workforce through micro pension services would be invested in existing diversified equity funds managed by SBI Funds Management. In the first phase, the operations under the partnership with India Post will be restricted to one urban and one rural district in Madhya Pradesh and around 20 postal branches will be harnessed into delivering this service.