Financial Daily from THE HINDU group of publications
Tuesday, Oct 05, 2004
Financial Daily from THE HINDU group of publications Tuesday, Oct 05, 2004 |
||
|
|
||
|
Markets
-
Mutual Funds UTI to `Post' Rs 100-cr MF biz Our Bureau
Kolkata , Oct. 4 MUTUAL fund business worth Rs 100 crore is expected to be generated annually through select post offices across the country, according to Mr Rajesh Bhojani, President (Sales & Marketing) of UTI Asset Management Co Pvt Ltd. At a press conference that was jointly addressed by Mr Bhojani and Mr P.K. Chatterjee, Chief Post Master General, West Bengal Circle, here on Monday, Mr Bhojani said a tie-up had been forged with the Department of Posts for the distribution of select mutual fund schemes through 50 post offices in 17 postal circles across the country. To begin with, five schemes would be distributed through this new route. These include UTI Children's Career Plan, UTI Variable Investment Scheme, UTI Mahila Unit Scheme, UTI Mastershare Unit Scheme and UTI Linked Insurance Plan. Over time, other UTI mutual fund schemes would also be distributed through the post offices network as well. From 50 post offices now, UTI mutual fund schemes would be available in 300 post offices within the next one year. Mr Bhojani said that eastern region was second only to the western region and accounts for about 30 per cent of UTI's mutual fund business. He said training programmes were held for personnel of the Department of Posts so that they could sell UTI mutual fund schemes efficiently. The idea was to offer "superior investment solutions to retail investors." Speaking on the occasion, Mr Chatterjee said the Department of Posts has a strong retail presence through the post office savings bank network with gross national mobilisations of around Rs 1,60,000 crore in 2003-04. The West Bengal Circle's gross post office savings bank mobilisations in 2003-04 is stated to be around Rs 17,000 crore. As such, the postal administration was confident of being able to retail UTI's mutual fund schemes through select post offices. The Department of Posts would get a commission in the range of 0.5-2 two per cent of the mutual fund schemes that are sold through it.
More Stories on : Mutual Funds | Supply Chain Management | Other States
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|