UTI India

Hello sir, I am Jasvant and I am here as I want to know about Unit Trust of India and therefore I am here so will you please provide me detailed information about this?

[Shaleen]

Unit Trust of India (UTI) is a statutory public sector investment institution which was set up in February 1964 under the Unit Trust of India Act, 1963.
Main Objectives of UTI are:
(i) To encourage and pool the savings of the middle and low income groups.
(ii) To enable them to share the benefits and prosperity of the industrial development in the country.


Functions of UTI:
The UTI functions are discussed below:
(i) To accept discount, purchase or sell bills of exchange, promissory note, bill of lading, warehouse receipt, documents of title to goods etc.,
(ii) To grant loans and advances.
(iii) To provide merchant banking and investment advisory service.
(iv) To provide leasing and hire purchase business.
(v) To extend portfolio management service to persons residing outside India.
(vi) To buy or sell or deal in foreign exchange dealings.
(vii) To formulate unit scheme or insurance plan in association with or as agent of GIC.
(viii) To invest in any security floated by the Central Government, RBI or foreign bank.


Schemes of UTI:
The familiar schemes of UTI are given below:
(i) Unit scheme—1964.
(ii) Unit Linked Insurance Plan—1971.
(iii) Children Gift Growth Fund Unit Scheme—1986.
(iv) Rajyalakhmi Unit Scheme—1992.
(v) Senior Citizen’s Unit Plan—1993.
(vi) Monthly Income Unit Scheme.
(vii) Master Equity Plan—1995.
(viii) Money Market Mutual Fund—1997.
(ix) UTI Growth Sector Fund—1999.
(x) Growth and Income Unit Schemes