UTI MF to start financial literacy drive; partners HDFC Bank

UTI Mutual Fund is starting its second round of pan-India investor education and financial inclusion initiative from February 2 to spread awareness about benefits of investing in mutual funds.

New Delhi: UTI Mutual Fund is starting its second round of pan-India investor education and financial inclusion initiative from February 2 to spread awareness about benefits of investing in mutual funds.
     
As part of the initiative, christened as Swatantra, two UTI knowledge caravans will travel across Kerala, Karnataka and Tamil Nadu, starting from Thiruvananthapuram, to spread awareness about financial planning, UTI MF CMO Jaideep Bhattacharya said.
     
For this, UTI MF has tied up with HDFC Bank, the largest distributor of mutual fund products, which would arrange the investor meets across rural areas in Southern India.
     
"We aim to impart financial literacy to a larger subset of rural customers across the 250 rural and semi-rural branches of HDFC Bank," HDFC Bank senior executive VP (Third Party Products & Private Banking) Nitin Rao said.
     
During the journey of 56 days, investors’ meets would be held in various centres across 130 towns. The initiative is in partnership with the Ministry of Corporate Affairs.
     
"With the high prices of essential commodities it is very essential that investors get high return on their investments. We are customising the initiative as per the local language to spread awareness about the convenience of buying and selling MFs," Bhattacharya said.
     
UTI MF hopes the initiative would help expand the fund industry's reach and bring in new investors as HDFC Bank will ask its customers to invest in mutual funds.
     
"If savings has to move to investments, it is necessary that financial literacy is imparted to people in regional language," he added.
     
In its first leg of investor education initiative beginning July 6, 2010, UTI MF had arranged for three specially-designed vans to move across the country over 100 days.
     
During this journey, more than 1,300 investor meets will be conducted in 300 cities and 100 days with an estimated 15 lakh participants.
     
The investor education initiative would see UTI MF officers and advisors talking about financial literacy that would help individuals take prudent investment decisions.

PTI

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