Business Daily from THE HINDU group of publications
Friday, Jan 11, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Jan 11, 2008 ePaper | Mobile/PDA Version |
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Mutual Funds Industry & Economy - Social Security Money & Banking - Pension Plans States - Tamil Nadu
SHG members will contribute minimum Rs 100 every month up to 55 years. They will then receive pension as periodical income after they reach 58 years. Our Bureau Chennai, Jan. 10 UTI Mutual Fund has entered into an agreement with Repco Bank for providing members of self help groups associated with Repco Foundation for Micro Credit, an investment opportunity through a micro-pension initiative under UTI-Retirement Benefit Pension Fund. The micro-pension initiative aims to provide social security cover for the low income group during their old age. Under the initiative, members of SHGs associated with Repco Foundation for Micro Credit, will contribute a minimum amount of Rs 100 every month towards UTI-Retirement Benefit Pension Fund up to the age of 55 years so as to enable them to receive pension in the form of periodical income after they reach the age of 58 years, according to a joint press release of the two entities. Repco Bank was established in 1969 by the Government of India and is under the administrative control of the Ministry of Home Affairs, Government of India. Raising incomesRepco Bank has promoted its Repco Foundation for Micro Credit — an NGO for extending supporting services to SHGs financed by Repco Bank — solely with a view to increase their income level and standard of life. The bank has a large concentration of SHGs in southern States. At present, there are 3,500 such groups with over 70,000 members, mostly women. TrainingApart from extending micro credit, the bank provides training for capacity building, Mr M. Balasubramanian, Managing Director, Repco Bank, said. It also helps in marketing products made by SHGs, provides micro savings schemes, micro insurance and customised loans to SHGs. More Stories on : Mutual Funds | Social Security | Pension Plans | Tamil Nadu | Private Banks
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