AMFI Insights: 3 Newly Launched Initiatives to Enhance Financial Inclusion in India
The Association of Mutual Funds in India (AMFI) has introduced three initiatives that line up with SEBI and AMFI’s efforts to encourage the participation of investors in different sectors.
These 3 initiatives are:
- Chhoti SIP
- Tarun Yojana
- Mutual Fund Investment Tracing and Retrieval Assistant (MITRA)
Overview of the Initiatives
1) Chhoti SIP
Chhoti SIP is designed to allow individuals to start SIP at just Rs. 250. The main focus is to make mutual fund investing more easily accessible for investors from lower-income groups.
2. Tarun Yojana
The Tarun Yojana is mainly designed to teach financial literacy to young minds in school curriculums. This initiative will help this younger generation to learn about investment principles at an early stage.
3. Mutual Fund Investment Tracing and Retrieval Assistant (MITRA)
SEBI recently launched the MITRA platform. This platform enables mutual fund investors and their legal heirs to track and claim their mutual funds that have been forgotten or inactive for a long time. This will ensure that individuals get to claim their asset ownership.
The SEBI’s chairperson, Madhabi Puri Buch, in a statement, has laid down the importance of the participation of investors in sharpening India’s financial markets. She said that these initiatives will not only encourage investors to invest in mutual funds but will also offer necessary tools to ensure transparency, security, and accessibility to mutual fund schemes to them at large.
Conclusion
With the mutual fund industry experiencing rapid growth in India, there are a large number of people who are unaware of mutual fund schemes. With these three initiatives, AMFI aims to increase the participation of investors and promote financial awareness among individuals. These initiatives will allow investors to generate wealth over time and ensure their financial security.
