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Our Bureau

New Delhi, Oct. 10 SBI Funds Management, an asset management company, plans to soon partner 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, established in 2006, proposes to reach out to low-income individual workers through dedicated partnerships with network of microfinance institutions (MFIs), co-operatives and associations across multiple States.

As a significant 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.

“This (managing funds of low income workforce) is part of our ethos. We readily agreed to it when IIMPS offered to partner with us for this initiative,” Mr Syed Shahabuddin, Managing Director and Chief Executive Officer, SBI Funds Management, told reporters.

He 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.

IIMPS has also decided to partner with India Post to deliver micro pension services to the poor.

In the first phase, the operations under the partnership with India Post would be limited to one urban and one rural district in Madhya Pradesh and around 20 postal branches will be harnessed into delivering this service, top management of IIMPS said.

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